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Bank of America: Emerging-market currencies undervalued by 0.9%

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Emerging-market currencies are undervalued by an average of 0.9%, according to a proprietary valuation framework developed by Bank of America Merrill Lynch strategists, which estimates the long-term equilibrium exchange rate for 22 emerging-market currencies, MTI news agency reported yesterday. 

Latin American currencies remain 14% overvalued on average, according to the model, while Asia as well as Eastern Europe, the Middle East and Africa still look cheap. Asian currencies are 5% undervalued, while EEMEA shifted from a 5% to 9% average undervaluation over the past year, mainly driven by Hungary and Poland, according to BofA/ML.

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