Reuters poll: Short bets on Asian currencies mount as firm dollar dents confidence

Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gasprices - Bearish positions on most Asian currencies firmed, a Reuters poll showed on Thursday, intensifying steadily from the start of the year as repricing of rate cut bets after strong U.S. economic data pushed the dollar higher.

"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. "The risk is that Asian currencies do not even mildly recover and end up going through yet another year of depreciation, if the Fed does not cut rates after all due to a re-accelerating U.S. economy," HSBC said in a note.

"INR weakness is playing catch-up to AXJ weakness as a result of exogenous factors, including a revival of high for longer U.S. rates, lingering geopolitical risks in the Middle East, and renewed volatility in yuan and yen," Christopher Wong, a currency strategist at OCBC said.

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