Bearish bets on Asian currencies firm on hawkish Fed rhetoric, rate woes
- Bearish bets on most Asian currencies were raised, a Reuters poll found on Thursday, as the possibility of higher-for-longer U.S. interest rates and the unprecedented surge in oil prices triggered a move away from riskier assets and towards the safety of the greenback.
"The baht is facing increased selling pressure as a lot of investors are quite concerned about uncertainty around fiscal stability as the new government plans to issue massive fiscal stimulus, indicating huge borrowings and increased debt," Poon Panichpibool, markets strategist with Krung Thai Bank told Reuters.
Emerging Asian currencies are expected to gradually recover and stabilize in the fourth quarter, when renewed strength in the dollar fades away, with investors buying into the local units, Panichpibool added.
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