Mitsubishi UFJ: Middle East conflict may be resolved, oil prices unlikely to return to previous highs, Asian currencies may benefit

智通财经2026/07/21 02:06

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Mitsubishi UFJ senior foreign exchange analyst Michael Wan pointed out in a research report that a resolution to the Middle East conflict remains a reasonable prospect, as there are recent indications that behind-the-scenes negotiations are ongoing, including contacts via mediators.
Given the approaching US midterm elections and the limited ammunition reserves of US forces, it is unlikely that oil prices will return to the high levels seen at the start of the conflict.
If these assumptions hold, there is some room for appreciation for Asian currencies sensitive to oil prices, such as the Indian rupee and Philippine peso; currently, the US dollar to Philippine peso is holding steady at 61.672, while the US dollar to Thai baht is up slightly by 0.1% to 33.65.

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Mitsubishi UFJ: Middle East conflict may be resolved, oil prices unlikely to return to previous highs, Asian currencies may benefit

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