- Investors bet most Asian currencies will come under further pressure, a Reuters poll showed, with trade tensions between the United States and China firmly dominating headlines once again.
Investors, who were bullish on China’s yuan for much of this year until April end, have since raised their short positions to their highest in six months, the poll of 12 respondents showed. The poll showed market participants raise their short positions on both country’s currencies over the last two weeks with bets on South Korea’s won at their highest in more than a decade, with a slew of weak domestic data adding to the unit’s woes.
Investors turned bullish on the rupee in March for the first time in nearly a year, after Modi turned the campaign into a fight about national security, shifting the narrative away from criticism he faced on weak job growth and farm prices that saw the opposition build momentum. Accordingly, investors raised bearish bets on Thailand’s baht and Indonesia’s rupiah to their highest since November.
China has had a pretty good ride for almost 30 years, at our expense.
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