Asian FX bears firm as investors mull timeline of US rate cuts- Reuters poll [Reuters]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
US:NYSE Investor Relations:
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Source: Reuters
the U.S. dollar remained resilient amid uncertainty over the timeline of the Federal Reserve's interest rate cuts, a Reuters poll showed on Thursday. Short positions on the Indonesian rupiah strengthened to their highest since Nov. 2, while those on the Thai baht jumped to their highest since October 2022, according to a fortnightly poll of 11 analysts. Recent solid U.S. manufacturing activity and labour market data have cast a shadow over the quantum of Fed rate cuts this year, supporting the greenback. "Ahead of the non-farm payrolls data on Friday, we believe there continues to be USD buying bias in the FX market," said Ryota Abe, an economist with Sumitomo Mitsui Banking Corp. "Under the circumstances, there are few incentives for traders to buy Asian currencies," he added. Bearish bets on the rupiah firmed on the back of accelerating inflation in Southeast Asia's largest economy. The fall in the currency on Monday had prompted the central bank to intervene in the foreig
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