Bearish bets on most Asian currencies eased as regional central banks sought to normalise policy due to surging inflation, while investors turned bullish on Singapore dollar for the first time in over a month, a Reuters poll found on Thursday.
Long positions on the Chinese yuan firmed despite increasing vulnerability from COVID-19 lockdowns, divergence in global and domestic monetary policy cycle, narrowing yield differentials, and headwinds from the Russia-Ukraine conflict.
Elsewhere, bets turned bullish on the Singapore dollar for the first time since late February, while bearish positions on the Indian rupee , Philippine peso and the Thai baht eased marginally, a fortnightly poll of 14 respondents found. The Philippine peso , which has appreciated nearly 2% since mid-March, has seen the sharpest drop in its bearish bets as the central bank looked ready to take pre-emptive action to combat rising inflation.
In Singapore, the central bank is likely to tighten its policy setting next week - the third time in a row - to tackle inflationary pressures.Elsewhere, bets on the Indonesian rupiah turned marginally long for the first time since late February, while short position on the Malaysian ringgit solidified to its highest since mid-December on weak growth outlook.
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