Firstpost ·
Dollar strength and oil surges deepen bearish bets on Asian currencies
Rising oil prices above $100 a barrel and firmer US Treasury yields are weighing on emerging Asian currencies, with bearish bets on the Philippine peso, Thai baht, Indian rupee and Malaysian ringgit increasing.
Bearish sentiment towards most emerging Asian currencies intensified this week as rising oil prices and higher US Treasury yields strengthened the dollar’s appeal, according to a Reuters poll of analysts and fund managers.
The survey, conducted before the US Federal Reserve raised interest rates on Wednesday, showed that investors increased short positions on several Asian currencies amid concerns over higher energy costs and tighter global financial conditions.