Short bets on Asian currencies mount as firm dollar dents confidence, Reuters poll finds [Reuters]
HSBC Holdings, plc. (HSBC)
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Source: Reuters
the year as repricing of rate cut bets after strong U.S. economic data pushed the dollar higher. Short bets on the Malaysian ringgit jumped to their highest level since mid-July last year, while those on the Indonesian rupiah hit an over five-month high, the fortnightly poll of 11 analysts showed. The Korean won was the most shorted currency by the analysts polled, touching its highest level since October 2022, while bears fortified their positions on Singapore dollar to reach a six-month high. A slew of strong U.S. economic data and persistent inflation prompted some Federal Reserve officials to temper down market expectations of the quantum of rate cuts this year, strengthening the dollar and casting a shadow over emerging currencies. "The stronger dollar trend has certainly added to consternation among officials overseas, with the U.S. to some extent exporting its inflation problem to other countries through the dollar," Michael Wan, senior currency analyst at MUFG wrote.
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