JP 摩根：Asian FX Markets Today

JPMorgan Chase Bank Singapore

March 27, 2007 2页

• USD/Asia opened the week in tight ranges. While Fed moderation to a weaker
tightening bias last week has helped EM and Asian assets, remaining subprime
concerns and pockets of data weakness persist as drags to a full fledged
recovery. USD/Asia accordingly traded a tight +/-0.2% range on Monday. Equity
markets were similarly mixed in the lack of near-term directional drivers. One
immediate event risk stems from Fed Bernanke’s testimony to Congress on the
economic outlook this Wednesday. The Chairman is expected to clarify the Fed’s
inflation and growth outlook and the current thinking on the impact of the
subprime fallout. Indeed, this testimony will be of particular interest following the
FOMC statement last week where Fed made a large step in moving towards
neutral.