The Federal Reserve has introduced another and significant round of non-conventional monetary accommodation that, along with the winding down of household deleveraging in the U.S., wil
Trang 1Global Forecast Update
New Year Wish List — More Growth
We expect that global growth will build momentum, albeit gradually, over the
next two years The Federal Reserve has introduced another and significant
round of non-conventional monetary accommodation that, along with the
winding down of household deleveraging in the U.S., will help support
increased spending, homebuilding and risk-taking at a time of increased
federal fiscal restraint The central banks in the euro zone, the U.K and
Japan will provide more support as needed
Many of the larger developing nations have already implemented additional
monetary and fiscal stimulus to maintain comparatively stronger growth
trajectories in the absence of more robust conditions in the developed
economies These countries and regions have the financial and institutional
capabilities to rebalance towards more domestically generated growth
In particular, increased infrastructure spending will underpin demand
for most commodities and keep prices at profitable levels
However, global growth remains comparatively soft and uneven
heading into the New Year The developed nations are still stuck in the
slow lane of activity Economic performances range from recession
through much of Europe, to minimal growth in Japan and only
moderate advances in Canada and the U.S in 2013
The pace of growth in the developing countries is comparatively firmer
While activity is still relatively sluggish in Brazil, it is generally good in
Mexico, India and South Korea, and relatively solid in most of the other
major Latin American and Asia-Pacific nations Recent evidence
suggests that China's economy is regaining momentum in response to
renewed stimulus and improved domestic spending
A number of developed economies are implementing the medium-term
structural adjustments needed to reduce major budget shortfalls,
restore domestic competitiveness, and regulate financial institutions
With inflation pressures mostly absent, short-term borrowing costs will remain at rock bottom levels Yields on longer-dated securities are expected to begin trending modestly higher from historically low levels in 2013
against the backdrop of ongoing sovereign credit differentiation, a renewed strengthening in economic activity, and an eventual upward drift in inflation expectations
In an environment where the major developed economies are underperformers, are savings-deficient, and have lower interest rates, their currencies will tend to have a weakening bias against many of the developing economies The yen and euro are likely to underperform widely; whereas the U.S dollar is expected to underperform the
Canadian and Australian dollars as well as the Scandinavian currencies, mainly on relative fiscal fundamentals, monetary policy and selective commodity price strength
Many of the developed economies undergoing a multi-year period of fiscal and economic restructuring will need more time to regenerate stronger growth in the absence of much stronger domestic-led growth in the
Asia-Pacific and Latin American regions that would re-invigorate international trade The U.S economy has the
potential to be a relative outperformer in 2013 and 2014, especially if a credible medium-term fiscal
consolidation plan engenders confidence U.S households and financial institutions have refurbished their balance sheets, export competitiveness has been enhanced by low currency-adjusted unit labour costs, overall activity is finding support from expanding energy production and comparatively low and stable prices, and there
is considerable consumer and business pent-up demand, particularly for housing and other big-ticket items
Index
Overview Forecasts International Commodities North America Provincial
Financial Markets
1-2 3-4
4
5
6 7-8
-1 0 1 2 3 4 5 6
00 02 04 06 08 10 12 14
annual % change Scotiabank forecast
Average:
1980-2011
World GDP
Source: IMF, Scotiabank Economics
Trang 2Canada's economy will lag the U.S in performance in 2013 Housing activity is moderating, and Canadians are becoming more cautious borrowers Export earnings are continuing to be pressured by reduced prices for a number of key commodity exports, and the lack of adequate oil pipeline infrastructure between Canada and key export markets However, longer-term prospects are still quite favourable, with ongoing investments to further develop the country's large and varied resource base,
internationally competitive business tax rates, ongoing capital and immigration inflows, and a relatively lower government debt burden helping to provide a more supportive environment
also has demonstrated the steep challenges for the U.S political system
to undertake the multi-faceted, multi-year reforms necessary to place
American governments on a more sustainable fiscal path
substantive discussion of the other measures required to narrow the
federal revenue-expenditure gap in order to regain some fiscal flexibility
(side charts)
Entering 2013, at least “a patch” is still possible to deal with the most
urgent issues, such as extending the Bush personal income tax rates with
a compromise on the top bracket A credible commitment to develop a
comprehensive tax reform package in 2013 would be encouraging, yet it
will prolong some of the uncertainty Spending and investment decisions
by households and businesses will remain constrained until outstanding
issues are decided, such as allowed depreciation and capital gains and
dividend taxation
statutory debt ceiling is broached could allow a decision on raising the
debt ceiling to be deferred until late February or early March given factors
such as some leeway in the timing of personal income tax refunds By
then, a rise in the debt ceiling of at least US$1 trillion is required to take
Washington through another year, though staged hikes could be adopted
to reflect progress on spending restraint plans
sector, are reflected in federal revenues, which are up about 9½% y/y for
the first two months of fiscal 2013, before potential tax hikes such as
ending the 2011-12 payroll tax reduction Scotiabank Economics
continues to assume that the U.S economy can sustain healthy forward
momentum with a partial implementation of the fiscal cliff restraint in
calendar 2013, amounting to a negative contribution of roughly one
percentage point to output growth The remaining ‘cliff ‘ restraint would be
adopted in 2014 and 2015
as fiscal 20131 general fund revenues surpass pre-recession levels in an increasing number of States Specifics of the federal restraint measures, such as limiting the deductibility of state and local taxes, could impact this recovery and complicate the overhang of longer-term issues such as unfunded pension and retirement benefit liabilities
longer term — the window of opportunity is narrowing to gradually implement comprehensive structural reforms
over a number of years, before substantial numbers of the baby-boom generation approach or surpass 65
1
The fiscal year-end for Washington is September 30 and for 46 States is June 30
-12 -9 -6 -3 0 3
-1600 -1200 -800 -400 0 400
FY96 98 00 02 04 06 08 10 12
%
Budget Balance, LHS
% of GDP, RHS
US$ billions
10 12 14 16 18 20 22 24 26
% of GDP
Revenue
Expenditure
The Uncertainties Emerging From the Fiscal Cliff
… and the Revenue-Expenditure Gap U.S Federal Budget Balances
Source for charts: U.S Office of Management and Budget, Scotiabank Economics
Trang 3Forecast
Changes
International
The payback from an artificially resilient third-quarter GDP performance in the largest economies of the euro area (i.e., Germany and France) is proving sharper than anticipated in the final months of 2012 The fourth quarter will likely see pronounced GDP contractions, with a negative carry-over into the New Year We have adjusted lower our 2013 growth forecasts for Germany and France, to 0.7% (previously 0.8%) and 0.1% (0.3%), respectively Accordingly, we have trimmed our euro zone GDP expectation for next year to -0.1% (from 0.0%)
We continue to expect growth of 1.0% in 2014 Though crisis-related tail risks have been mollified in recent months by central bank policy and Eurogroup agreements on Greece and the proposed banking union, significant uncertainties continue
to threaten the medium-term outlook, including pending elections in Italy and Germany, progress on fiscal consolidation across the region, bank lending rates (particularly in the periphery), currency dynamics and commodity prices At present we remain of the view that under this scenario, and with inflation expected to remain consistent with price stability, the European Central Bank will leave interest rates unchanged through 2014
After the disappointing third-quarter GDP report in Brazil, industrial output expanded by 2.3% y/y in October (the first annual gain since September 2009), signaling a moderate recovery However, the recovery
in the manufacturing sector will have to be confirmed in the coming months We maintain our view that the Brazilian economy will expand by 1.9% in the fourth quarter and by 1.0% for all of
2012
World (based on purchasing power parity) 3.7 3.1 3.2 3.8
Consum e r Price s (y/y % change, year-end)
Trang 40
2
4
6
8
10
China Canada U.S
Euro-zone
2012f 2013f 2014f
Real GDP,
annual average % change
0 100 200 300 400 500 600 700 800 900
02 03 04 05 06 07 08 09 10 11 12
Index:2002Q1=100
Gold
Natural Gas
WTI Oil Copper
Nickel
Forecast
Changes
International
We have made a minor revision to our expectation regarding China’s monetary policy path We now assess that the People’s Bank of China’s benchmark 1-year lending rate has reached its cyclical bottom at the current level of 6.0%, as China’s economic outlook continues to improve with real GDP, sentiment indicators, industrial production, and retail sales indicating that a revival, albeit modest, is imminent We expect the Chinese economy to expand by 8.0% in 2013
Monetary tightening is in sight in the first quarter of 2014, taking the policy rate to 6.6% by the end of the year
Commodities
Scotiabank’s Commodity Price Index fell by 8.4% yr/yr through November 2012, led by declines in oil & gas and metals & minerals However, forest products-based building materials — lumber & OSB — and agriculture were pockets of strength
Lumber and OSB are our top investor ‘picks’ for 2013 — expected to post a multiple-year recovery through mid-decade
With only a modest rebound in U.S housing activity, substantial lumber & OSB mill closures across North America since 2006 are quickly translating into a tighter supply/ demand balance While financial institutions are still holding a large number of homes off the market, the supply of
‘existing homes for sale’ at 4.8 months in November was approaching normal levels (4.6 months from 2000-05)
Average home prices (including condos) have increased by 9.9% yr/yr As a result, U.S housing starts have already rebounded to 861,000 units annualized (+22% yr/yr) in November, up from a mere 612,000 units in 2011 U.S housing starts should rise to 950,000 units in 2013 and 1.100 million in 2014 The improvement in U.S residential construction is also occurring in an environment of growing demand from China
Source: Bloomberg, Scotiabank Economics
Source: Scotiabank Economics Bloomberg,
BEA, Statistics Canada, Eurostat
Curre nt Account Balance (% of GDP)
Commodities
(annual average)
Nymex Natural Gas (US$/mmbtu) 5.67 2.85 3.75 4.00
Gold, London PM Fix (US$/oz) 668 1,670 1,750 1,700
Trang 5Forecast
Changes
Canada & United States
The outlook for the Canadian and U.S economies in 2013-2014 is largely unchanged from our last update Real GDP growth is expected to average 2.0% in Canada and 2.3% in the United States, with underlying momentum building gradually over the forecast horizon In both countries, business investment and exports are being constrained by the slow pace of global growth and ongoing economic uncertainty While federal fiscal restraint is expected
to impose a relatively larger drag
on U.S growth, greater pent-up demand for consumer goods and housing give the U.S economy a slight performance edge over Canada
Canada’s projected federal deficits from fiscal 2012-13 (FY13) through FY15 rely upon annual real per capita program spending declines In the United States, potential restrictions on personal income tax deductions could significantly impact specific sectors, from charities to housing
Mexico
As a result of the recent inflation performance in Mexico, we are revising our 2012 year-end CPI forecast from 4.2% to 4.0% y/y Consumer prices increased by 4.8% y/y in September, its highest level since March 2010; it has slowed since then to 4.2% y/y in November (marked by discounts given through the “el buen fin” sales weekend)
Canada (annual % change)
Residential Investment 4.2 5.5 -3.5 -3.6
Pre-T ax Corporate Profits 5.5 -1.2 2.0 6.0
Current Account Balance (C$ bn.) 1.5 -71.0 -62.2 -50.0
Merchandise T rade Balance (C$ bn.) 41.0 -11.8 -4.7 8.9
Federal Budget Balance (C$ bn.) -1.2 -25.0 -18.0 -10.5
Housing Starts (thousands) 200 214 180 175
Motor Vehicle Sales (thousands) 1,588 1,680 1,690 1,695
Motor Vehicle Production (thousands) 2,447 2,500 2,625 2,650
Unite d State s
Residential Investment -4.6 12.0 15.8 18.3
Pre-T ax Corporate Profits 6.5 6.5 5.0 7.0
millions of jobs 0.20 1.86 1.83 2.41
Current Account Balance (US$ bn.) -553 -467 -427 -447
Merchandise T rade Balance (US$ bn.) -642 -727 -708 -752
Federal Budget Balance (US$ bn.) -481 -1,089 -950 -800
per cent of GDP -3.4 -6.9 -5.8 -4.7
Housing Starts (millions) 1.38 0.78 0.95 1.10
Motor Vehicle Sales (millions) 15.2 14.3 15.0 15.5
Motor Vehicle Production (millions) 10.4 10.1 10.5 10.9
Me x ico
Consumer Price Index (year-end) 4.8 4.0 4.0 3.8
Current Account Balance (US$ bn.) -10.3 -12.1 -19.4 -26.3
Merchandise T rade Balance (US$ bn.) -7.5 -4.6 -11.6 -14.9
Trang 6Provincial 2000-11 2012f 2013f 2014f 2000-11 2012f 2013f 2014f
Real GDP Budget Balances*, FY March 31
(annual % change) ($ millions)
Newfoundland & Labrador 3.1 1.2 2.7 2.2 133 776 -726 n.a
Prince Edward Island 1.9 1.2 1.1 1.6 -32 -79 -80 n.a
Nova Scotia 1.7 1.3 1.3 2.2 70 -248 -277 n.a
New Brunswick 1.8 1.1 1.0 1.8 -77 -261 -357 n.a
Quebec 1.9 1.0 1.4 2.0 -623 -2,628 -1,500 0
Ontario 1.9 2.0 1.6 2.0 -3,374 -12,969 -14,371 n.a
Manitoba 2.2 2.2 1.6 2.2 189** -999 -567 n.a
Saskatchewan 2.2 3.1 2.6 2.9 393 352 6 n.a
Alberta 3.0 3.4 2.7 3.1 3,627 0 0 n.a
British Columbia 2.6 2.1 1.7 2.4 540 -1,840 -1,469 n.a
* Final Other FY12 and FY13 data: Provinces' estimates.
** FY04-FY11
(annual % change) (annual average, %)
Newfoundland & Labrador 0.9 2.1 1.3 1.4 15.0 12.6 12.3 11.7
Prince Edward Island 1.5 1.0 0.7 0.8 11.3 11.3 11.1 11.0
Nova Scotia 1.0 0.8 0.8 0.9 8.8 8.9 8.9 8.7
New Brunswick 0.6 0.1 0.6 0.7 9.4 10.2 10.1 9.9
Quebec 1.4 0.5 1.0 1.1 8.2 7.8 7.7 7.6
Ontario 1.5 0.7 1.0 1.1 7.0 7.8 7.7 7.6
Manitoba 1.2 0.8 0.9 1.4 4.9 5.3 5.2 5.1
Saskatchewan 0.9 2.0 1.5 1.7 5.0 4.7 4.6 4.5
Alberta 2.6 2.7 2.0 2.1 4.8 4.7 4.6 4.5
British Columbia 1.5 1.7 1.2 1.3 6.7 6.7 6.6 6.5
Housing Starts Motor Vehicle Sales
(annual, thousands of units) (annual, thousands of units)
British Columbia 27 28 23 23 175 169 170 171
*
*
*
*
*
*
*
*
Forecast
Changes
Provinces
According to the revised Provincial
Economic Accounts,
Saskatchewan experienced a 28% improvement in its terms-of-trade from 2007 to 2011, the largest among the provinces With the province’s interprovincial terms-of-trade effectively unchanged over that period, the improvement came from the its international terms-of-trade, in particular a modest decrease in import prices along with a 46% increase in the price of its international goods exports Prices of the province’s key exports have been mixed this year, with higher wheat and canola prices, but lower oil, potash and uranium prices
The revisions also indicate that Canadian export volumes declined
at an average annual rate of 1.9% between 2007 and 2011, with only four provinces achieving a measurable increase in international shipments over that period Notwithstanding the decline in international exports, all but two provinces registered growth in real interprovincial exports over this period In the case of Ontario, in 2011, the province was able to partially offset its international trade deficit equivalent to 5% of GDP, with an interprovincial trade surplus equivalent to 3.5% of GDP We expect these trends have continued this year, with interprovincial exports outperforming the modest growth
in international shipments
Updates for fiscal 2012-13 (FY13) indicate a range of belt-tightening across the Provinces Relative to
Budget, the shortfall in provincial
resource receipts for FY13 is now expected to exceed $2.0 billion Major federal transfers for FY14 for each Province, however, are guaranteed by Ottawa not to decline below FY13 levels To help restrain net debt, a number of Provinces continue to trim capital spending plans
Canada
Canada
Canada
Newfoundland & Labrador
Prince Edward Island
Nova Scotia
New Brunswick
Quebec
Ontario
Manitoba
Saskatchewan
Alberta
British Columbia
Newfoundland & Labrador
Prince Edward Island
Nova Scotia
New Brunswick
Quebec
Ontario
Manitoba
Saskatchewan
Alberta
British Columbia
Atlantic
Quebec
Ontario
Manitoba
Saskatchewan
Alberta
British Columbia
Real GDP (annual % change) Budget Balances*, FY March 31
($millions)
Employment (annual % change) Unemployment Rate
(annual average, %)
Housing Starts (annual, thousands of units) Motor Vehicle Sales
(annual, thousands of units)
*Final Other FY12 and FY13 data:
Provinces' estimates **FY04-FY11
Provincial 2000-11 2012f 2013f 2014f 2000-11 2012f 2013f 2014f
Trang 7Quarterly Forecasts 12Q4f 13Q1f 13Q2f 13Q3f 13Q4f 14Q1f 14Q2f 14Q3f 14Q4f
Canada
Real GDP (q/q, ann % change) 1.2 1.9 2.0 2.2 2.3 2.4 2.4 2.4 2.4
Real GDP (y/y, % change) 1.3 1.3 1.4 1.8 2.1 2.2 2.3 2.4 2.4
Consumer Prices (y/y, % change) 1.4 1.6 1.7 2.2 2.1 2.0 2.0 2.1 2.2
Core CPI (y/y % change) 1.3 1.6 1.6 1.9 1.9 1.9 1.9 2.0 2.0
Unite d State s
Real GDP (q/q, ann % change) 1.0 1.9 2.2 2.3 2.5 2.6 2.6 2.7 2.7
Real GDP (y/y, % change) 1.8 1.8 2.0 1.8 2.2 2.4 2.5 2.6 2.7
Consumer Prices (y/y, % change) 2.0 2.0 2.3 2.3 2.2 2.1 2.2 2.2 2.2
Core CPI (y/y % change) 2.0 1.9 1.8 1.9 1.9 2.0 2.0 2.0 2.0
Financial Markets
Am e ricas
Bank of Canada 1.00 1.00 1.00 1.00 1.00 1.25 1.50 1.75 2.00
U.S Federal Reserve 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25
Bank of Mexico 4.50 4.75 5.00 5.00 5.25 5.75 6.50 6.75 7.00
Central Bank of Brazil 7.25 7.25 7.25 7.25 7.25 7.25 7.75 8.25 8.25
Bank of the Republic of Colombia 4.50 4.50 4.50 5.00 5.00 5.50 5.50 6.00 6.00
Central Reserve Bank of Peru 4.25 4.25 4.25 4.25 4.25 4.25 4.50 5.00 5.00
Central Bank of Chile 5.00 5.00 5.25 5.50 5.75 5.75 5.75 5.75 5.25
Europe
European Central Bank 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75
Bank of England 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Swiss National Bank 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asia/Oce ania
Bank of Japan 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Reserve Bank of Australia 3.00 3.00 3.00 3.00 3.25 3.25 3.50 3.50 3.75
People's Bank of China 6.00 6.00 6.00 6.00 6.00 6.30 6.30 6.60 6.60
Reserve Bank of India 8.00 7.50 7.00 6.75 6.75 6.75 6.75 7.00 7.25
Bank of Korea 2.75 2.75 2.75 3.00 3.00 3.25 3.25 3.50 3.50
Bank Indonesia 5.75 5.75 5.75 6.00 6.00 6.25 6.50 6.75 7.00
Bank of T hailand 2.75 2.75 2.75 3.00 3.00 3.25 3.25 3.50 3.50
Canada
3-month T -bill 1.00 1.00 1.00 1.00 1.10 1.35 1.65 1.90 2.15
2-year Canada 1.10 1.10 1.25 1.65 1.95 2.25 2.40 2.60 2.75
5-year Canada 1.35 1.35 1.65 1.90 2.15 2.40 2.55 2.75 2.95
10-year Canada 1.75 1.75 1.95 2.15 2.40 2.70 2.85 3.05 3.20
30-year Canada 2.35 2.35 2.60 2.70 3.10 3.35 3.50 3.60 3.65
Unite d State s
3-month T -bill 0.05 0.05 0.10 0.10 0.10 0.10 0.10 0.10 0.10
2-year T reasury 0.25 0.25 0.30 0.35 0.40 0.50 0.75 1.00 1.30
5-year T reasury 0.70 0.70 0.90 1.25 1.45 1.55 1.60 1.85 2.10
10-year T reasury 1.70 1.70 1.80 2.10 2.50 2.75 3.00 3.15 3.25
30-year T reasury 2.90 2.90 2.95 3.20 3.65 3.85 4.00 4.10 4.15
Canada-U.S Spre ads
3-month T -bill 0.95 0.95 0.90 0.90 1.00 1.25 1.55 1.80 2.05
30-year -0.55 -0.55 -0.35 -0.50 -0.55 -0.50 -0.50 -0.50 -0.50
Trang 8Scotiabank Economics
Scotia Plaza 40 King Street West, 63rd Floor
Toronto, Ontario Canada M5H 1H1
Tel: (416) 866-6253 Fax: (416) 866-2829
This report has been prepared by Scotiabank Economics as a resource for the clients of Scotiabank Opinions, estimates and projections contained herein are our own as of the date hereof and are subject to change without notice The information and opinions contained herein have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness Neither Scotiabank nor its affiliates accepts any liability whatsoever for any loss arising from any use of this report or its contents
0
1
2
3
4
5
6
7
04 05 06 07 08 09 10 11 12 13 14
%
Forecast
Canada
U.S
U.K
Euro zone
-4 -2 0 2 4 6 8 10
07 08 09 10 11 12
y/y % change
U.S.
China
Euro zone
Canada
0 1 2 3 4 5 6 7
04 05 06 07 08 09 10 11 12 13 14
%
Forecast
Canada
U.S
Source: Bloomberg, Scotiabank Economics Source: Bloomberg, Scotiabank Economics Source: Bloomberg, Scotiabank Economics
Financial Markets 12Q4f 13Q1f 13Q2f 13Q3f 13Q4f 14Q1f 14Q2f 14Q3f 14Q4f
Am e ricas
Canadian Dollar (USDCAD) 0.97 0.97 0.97 0.96 0.96 0.95 0.95 0.94 0.94
Canadian Dollar (CADUSD) 1.03 1.03 1.03 1.04 1.04 1.05 1.05 1.06 1.06
Mexican Peso (USDMXN) 12.78 12.93 12.84 12.95 13.17 13.01 12.84 12.89 13.05
Brazilian Real (USDBRL) 2.06 2.11 2.12 2.15 2.15 2.15 2.18 2.20 2.20
Colombian Peso (USDCOP) 1789 1810 1820 1840 1850 1860 1870 1880 1890
Peruvian Nuevo Sol (USDPEN) 2.56 2.55 2.53 2.51 2.49 2.49 2.48 2.45 2.45
Chilean Peso (USDCLP) 475 493 494 495 497 498 500 503 505
Canadian Dollar Cross Rate s
Euro (EURCAD) 1.29 1.26 1.25 1.23 1.22 1.20 1.20 1.18 1.18
U.K Pound (GBPCAD) 1.58 1.57 1.58 1.57 1.57 1.57 1.57 1.56 1.56
Australian Dollar (AUDCAD) 1.02 1.02 1.03 1.03 1.04 1.03 1.04 1.02 1.03
Mexican Peso (CADMXN) 13.17 13.33 13.24 13.49 13.72 13.69 13.51 13.71 13.89
Europe
Euro (EURUSD) 1.33 1.30 1.29 1.28 1.27 1.26 1.26 1.25 1.25
U.K Pound (GBPUSD) 1.63 1.62 1.63 1.64 1.64 1.65 1.65 1.66 1.66
Swiss Franc (USDCHF) 0.91 0.93 0.94 0.95 0.96 0.98 0.98 1.00 1.00
Swedish Krona (USDSEK) 6.51 6.62 6.59 6.56 6.54 6.55 6.51 6.52 6.48
Norwegian Krone (USDNOK) 5.55 5.60 5.50 5.40 5.30 5.28 5.25 5.22 5.20
Russian Ruble (USDRUB) 30.7 30.9 31.2 31.5 31.8 31.9 32.0 32.1 32.2
Asia/Oce ania
Australian Dollar (AUDUSD) 1.05 1.05 1.06 1.07 1.08 1.08 1.09 1.09 1.10
Chinese Yuan (USDCNY) 6.25 6.25 6.20 6.15 6.10 6.09 6.07 6.06 6.04
Indian Rupee (USDINR) 54.5 54.1 53.8 53.4 53.0 52.7 52.4 52.1 51.8
South Korean Won (USDKRW) 1075 1069 1063 1056 1050 1044 1038 1031 1025
Indonesian Rupiah (USDIDR) 9700 9675 9650 9625 9600 9550 9500 9450 9400
T hai Baht (USDT HB) 30.6 30.5 30.4 30.3 30.3 30.1 30.0 29.9 29.8