The history of fiat currencies is always the same: first, governments exceed their credit limits, then ignore all the warning signs, and finally see the currency collapse.

We expect the Reserve Bank of New Zealand to cut rates by 25bp to 2.25% on 26 November. However, upside risks to inflation and growth mean, in our view, that this will be the last cut of the cycle.

Thai Vegetable Oil Public Company Limited is a producer and distributor of soybean meal and oil.