POLL-Most Asian FX bears firm; short bets on yuan at near 1-year high

By Reuters3 days ago

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By Shashwat Awasthi

April 8 (Reuters) - Bearish bets on most Asian currencies firmed, a Reuters poll showed on Thursday, as signs of an economic recovery in the United States and rising coronavirus cases across the region dented the appeal of risk-sensitive assets.

Short bets on the Chinese yuan CNY=CFXS were at their highest since May, while those on the Philippine peso PHP= and the Thai baht THB=TH inched up to remain at a near one-year high, a poll of 11 respondents showed.

Investors had turned short on all Asian currencies for the first time in a year last month as economic indicators increasingly suggest a recovery in the United States will outpace other developed nations, boosting U.S. Treasury yields and the dollar.

The greenback enjoyed its best performance in three years in the first quarter of 2021 and has continued to rise steadily since.

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