According to Bloomberg, if you lost money on emerging Asian bonds and currencies last year, don’t be surprised if 2019 brings more pain to investors as the first quarter approaches.

Almost all emerging Asian currencies are expected to weaken by the end of June, while bond yields are forecast to rise for countries including Indonesia, India and Thailand, according to estimates compiled by Bloomberg. In what could be an unwelcomed replay, risk assets are likely to remain at the mercy of the U.S.-China trade war, a messy Brexit and rising U.S. interest rates

“EM Asia is one in which we believe there is still pressure for yields to move higher and curves to steepen, based on our view of the U.S. Treasury curve,” said Roland Mieth, emerging-markets portfolio manager at Pacific Investment Management Co. in Singapore. “The overall outlook for EM Asia government bonds remains cautious.”

Asia’s biggest economy is already feeling the chill: retail sales are cooling and industrial profits are down, prompting policy makers to pledge more stimulus. Some reasons for emerging Asian assets are: oil prices have dropped about 40 percent from their October peak, which is a boom for countries that import the commodity. Central banks remain vigilant, while a growing number of analysts, including those at Goldman Sachs Group Inc. and UBS Group AG, say the dollar is close to its peak.

Meanwhile, positions betting the dollar will strengthen are near the highest in almost two years, which, to some traders, suggests the currency is set to decline. Moreover, emerging markets will be due a breather in 2019, according to a Bloomberg survey of 30 investors, traders and strategists. Stocks, currencies and bonds of developing economies have found a floor and will probably outperform their developed-nation counterparts this year.

By Edgar H. Mendoza