Wednesday, August 19, 2015

Currency Devaluation spreading in Asia - Vietnam follows China

Vietnam devalues dong currency, matching Beijing's yuan move.

Folks this is not good news, its more like desperation. Who is to say that others will not follow because they will lose their competitiveness if they don't.

Namely Korea, Malaysia, Indonesia, Japan, and or the Philippines.
But the worst part is that it could lead to a domino effect worldwide. That would completely wipe out billions in US Internationals profits.

One thing is for sure, the big internationals are going to be hard pressed to be able to meet profit estimates in Q3  and many of those stocks are already going down ahead of those results.