Asian currencies are expected to weaken further this year due to scepticism about regional authorities' determination to push through reforms, a currency analyst said. Standard & Poor's MMS analyst Callum Henderson, author of a book on the Asian currency crisis, said the economic and social phases of the turmoil were only just starting to unfold and a fundamental recovery could still be 'many years' away. 'We are likely to see currencies continue to weaken from these levels until we see further evidence of the authorities' willingness to deal with the fundamental problems,' he said. Mr Henderson said the sharp rebound in Asian currencies at the start of the year had been overdone. 'Investors are starting to say 'Hey, wait a minute, nothing has changed, and until it does change we are not buying' - nor should they,' he said. Speaking about his book Asia Falling?: Making sense of the Asian currency crisis and its aftermath, Mr Henderson said those advocating a V or U-shaped rebound from the crisis were likely to be proven mistaken. He said there was likely to be a succession of mini-crises as the effect of the devaluations fed through to the real economy. 'The restructuring process will go on many years before we have the main fundamental rally the type of which we have seen in Mexico following their own crisis,' Mr Henderson said. He said the regional woes were also likely to have an increasingly negative impact on the United States and Europe through heightened competition. 'There have been deflationary impacts of at least 80 per cent - obviously that is going to have a real economic effect on the rest of the world, particularly as Asia has had a growing share of world trade,' he said. Mr Henderson did not expect the Hong Kong dollar nor the Chinese yuan to be devalued in the near term, but said there would be growing pressure on the mainland to devalue.