Bearish bets on most Asian FX climb to multi-month highs: Reuters poll

Islanders flock to Charlottetown Flea Market for affordable finds amid rising costs | SaltWire - Short bets on most Asian currencies firmed to touch multi-month highs as growing expectations of U.S. interest rates staying higher for longer dampened appetite for riskier assets, a Reuters poll showed on Thursday.

Most of the poll responses came before the U.S. Federal Reserve held interest rates steady on Wednesday. Christopher Wong, a currency strategist at OCBC said that renewed weakness in the Chinese yuan and the yen can also undermine the sentiment towards Asian currencies. Short positions on the Indonesian rupiah were the highest in six months, while those on the Malaysian ringgit were the highest since last July.

"For IDR and INR, we still expect interventions by the authorities aiming at curbing volatilities in case the USD becomes stronger," said Ryota Abe, an economist with Sumitomo Mitsui Banking Corp.

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