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  • Selling of USD to remain modest until there is further clarity on Evergrande’s position – MUFG
Ekonomické zprávy
22.10.2021

Selling of USD to remain modest until there is further clarity on Evergrande’s position – MUFG

FXStreet reports that economists at MUFG Bank discuss USD prospects in the light of uncertainty about Evergrande.

“The Hang Seng Properties Index has now rebounded close to 20% from the lows in September and we believe the general turn in sentiment is one factor behind the turn weaker for the US dollar in October.”

“But uncertainty remains high. There is some evidence that the real estate market in China has seen contagion. On 29th October another payment of $45 M is due with the 30-day grace period ending. So for now these upcoming dates will probably contain the rebound in risk related to the relief of default being avoided. So selling of the USD should remain modest until there is further clarity on Evergrande’s position and the position of other property companies in China.”

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