Bearish tones persisted for most Asian currencies as a bleak post-pandemic recovery in China weighed on risk sentiment, a Reuters poll showed on Thursday, but softer U.S. inflation data could prompt a scale-back on short bets, analysts said.
Short bets on the Taiwan dollar rose to its highest since November, while bearish bets on the yuan and the Malaysian ringgit eased slightly, according to a fortnightly poll of 12 analysts.print, which fanned speculation of an end to rate hikes.
The yuan, the Taiwan dollar and the Korean won could all see a reduction in short positions, Goh added.from China, Southeast Asia's top trading partner, has raised investor concerns about deflation risks, fuelling bearishness against the region's currencies, with the ringgit emerging as the most shorted among its peers.
Analysts at Maybank in a note said they will look for any cues on further stimulus from the world's second-largest economy, which could help support Asian currencies, especially the ringgit. Persistent capital outflows in Malaysia's export-focussed economy further dampened sentiment, with the central bankrecent movements in the currency as 'excessive' and saying it will intervene in the foreign exchange market to stabilise it.
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