Bullish bets on the Indian rupee marginally higher amid trade war, likely Modi win – Reuters poll
|The latest Reuters poll of analysts and fund managers on the Asian currencies revealed that the long positions on the Indian rupee were marginally higher from two weeks ago.
Key Findings:
“The unit is just one of two currencies in the green this year among its peers covered in this poll.
Investors turned bullish on the rupee in March for the first time in nearly a year, after Modi turned the campaign into a fight about national security,
Investors, who were bullish on China’s yuan for much of this year until April end, have since raised their short positions to their highest in six months
Trade reliant economies, such as Taiwan and South Korea, are among the most exposed to a deterioration in trade relations.
The poll showed market participants raise their short positions on both country’s currencies over the last two weeks with bets on South Korea’s won at their highest in more than a decade, with a slew of weak domestic data adding to the unit’s woes.
Short bets on Taiwan’s dollar climbed to their highest since January 2016.
Market participants flipped their bets on the Philippine peso, with short positions now at their highest since December last year.
Investors raised bearish bets on Thailand’s baht and Indonesia’s rupiah to their highest since November.”
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