Bullish bets on the Singapore dollar and the Malaysian ringgit further consolidated to scale five-year highs as a fizzling U.S. dollar rally and China's pivot from its strict COVID-19 curbs boosted investor appetite for Asian emerging currencies, a Reuters poll showed on Thursday.Investors were bullish on
Bullish bets on the Singapore dollar and the Malaysian ringgit further consolidated to scale five-year highs as a fizzling U.S. dollar rally and China's pivot from its strict COVID-19 curbs boosted investor appetite for Asian emerging currencies, a Reuters poll showed on Thursday.
The appetite for high-risk Asian assets has been boosted by a double dose of China, a manufacturing powerhouse and the region's largest trading partner, dismantling its stringent COVID-19 curbs and improving bets that local central banks are nearing the end of their tightening cycle. The Singapore dollar, the only Asian currency to have appreciated last year, has also started 2023 on a strong footing, advancing 2.1 per cent so far to trade at its highest since April 2018.
The poll also showed bullish bets on the Philippine peso hit highest level in more than two years, with long positions slightly easing on Thai baht, China's yuan, and South Korean won.
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