Bullish bets on the Thai baht and Chinese yuan hit five-year highs as China's sharp pivot from its strict COVID-19 curbs boosted investors' appetite for strengthening long positions in regional currencies, a Reuters poll showed on Thursday.Long positions firmed on nearly all Asian emerging currencies, man
Bullish bets on the Thai baht and Chinese yuan hit five-year highs as China's sharp pivot from its strict COVID-19 curbs boosted investors' appetite for strengthening long positions in regional currencies, a Reuters poll showed on Thursday.
"Lower positioning, cheaper valuations, a softer U.S. dollar, peak Fed rates and the onset of an easing cycle across emerging markets later this year will improve the attractiveness of EM FX and local currency debt, suggesting that investors will increasingly return to EM assets following a very tough 2022," analysts at TD Securities said in a note.
The baht has strengthened 3.5 per cent in the first two weeks of 2023, more than any of its Asian peers, with bullish positions hitting the highest since January 2018.
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