Free Forex Signals - Bullish bets on Asian FX

Free Forex Signals – Bullish bets on Asian FX

(Reuters) – Bullish bets on the Singapore dollar and the Malaysian ringgit further consolidated to scale five-year highs as a fizzling U.S. dollar rally and China’s pivot from its strict COVID-19 curbs boosted investor appetite for Asian emerging currencies, a Reuters poll showed on Thursday.

Dollar Bears on the Run as Bets

Last week, the Malaysian central bank surprised the market by standing pat on its benchmark interest rate after four consecutive hikes in 2022, while Bank Indonesia signalled its tightening cycle was ending owing to cooling inflation.

Long positions on Singapore’s dollar and the Malaysian ringgit firmed to touch their highest level since January 2018, while those on the Indonesian rupiah jumped sharply from prior survey to multi-year highs, a fortnightly poll of 10 analysts showed.

US Dollar index Consolidates After Jumping

The Singapore dollar, the only Asian currency to have appreciated last year, has also started 2023 on a strong footing, advancing 2.1% so far to trade at its highest since April 2018.

FX SIGNALS – Dollar edges lower vs euro on ECB rate hike bets

The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. A score of plus 3 indicates the market is significantly long the U.S. dollar.

The figures include positions held through non-deliverable forwards (NDFs).

Free Forex Signals – Bullish bets on Asian FX

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Free Forex Signals – Bullish bets on Asian FX

FX Signals

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