Investors stacked up bullish bets on most Asian currencies, a fortnightly Reuters poll found on Thursday, as worries the coronavirus pandemic is hobbling a nascent recovery in the U.S. economy clouded the dollar's outlook.
were the biggest beneficiaries of the U.S. dollar pullback, the poll of 17 respondents showed.
“The outlook for global trade seems to be improving from highly depressed levels, evident from the sharp rebound in purchasing managers index figures in China and across the region,” DBS analysts Wei-Liang Chang added. Earlier this month, data showed South Korea’s exports fell at their slowest pace in four months in July and beat expectations. Singapore’s retail sales climbed sequentially in July, suggesting a pick-up in consumer spending after the easing of restrictions.since turning bullish in July, as largely positive factory data and an assurance from the central bank that economic recovery was underway kept spirits high.
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