Bearish Bets Persist on Asian Currencies
Investors kept bearish positions on most emerging Asian currencies as high oil prices and rising US yields fueled external deficit concerns. Meanwhile, resilient chip exports supported the South Korean won.
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Investors extended short positions on emerging Asian currencies during Thursday morning trade, driven by surging Brent Crude Oil prices and rising United States Treasury yields. The United States 30-year Treasury yield climbed to a 22-year high last week, pressuring regional asset valuations. This pressure stems from widening yield differentials and external deficit concerns across energy-importing economies.
