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Paul Mackel, (pic) global head of FX research at HSBC Holdings Plc in Hong Kong, said the market is watching closely the recent Covid resurgence as it has caused short-term depreciation of some currencies. But the elephant in the room is whether the dollar has bottomed or not and “it’s not yet”. HONG KONG: The delta coronavirus variant may herald a bout of weakness for emerging Asian stocks and currencies, with few analysts predicting a swift rebound as tighter curbs on movements cloud the growth outlook. Regional assets took a hit yesterday, with the MSCI Asean Index of equities heading for its weakest close in seven months. Indonesia’s rupiah and the Thai baht slid to multi-month lows while the average spreads on South-East Asian corporate dollar bonds widened on Monday.Risk assets are contending with a reversal in fortunes as the spread of the more infectious delta strain coincides with growing expectations for the Federal Reserve to start withdrawing stimulus.

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