Investors cut back short bets on emerging Asian currencies as most local central banks maintained their hold stance on interest rates, but remained in bearish territory for Malaysian ringgit and China's yuan, a Reuters poll showed on Thursday.
"It is ... perplexing as to why the Fed would hold but look to rather aggressively hike again later instead of just doing the moves yesterday," Maybank analysts wrote in a note. Investors were most bearish on the Malaysian ringgit among the pack, but had eased their positions slightly from an over seven-month peak. Bets on yuan alleviated but remained at their highest level since early November.
"Any current optimism about China is perversely premised on expectations of further and more emphatic stimulus to compensate for the shortfall in stimulus efforts thus far."
Source: Loan Digest (loandigest.net)
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