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POLL-Asia FX sentiment weakens, Philippine peso bearish bets rise
February 23, 2017 / 8:52 AM / 8 months ago

POLL-Asia FX sentiment weakens, Philippine peso bearish bets rise

    * Philippine peso bearish bets highest in 2 months
    * Bearish bets vs Singapore dollar highest in a month
    * Chinese yuan bets turn slightly bearish but near neutral
    * Indian rupee bullish bets increase to 2-year high

    SINGAPORE, Feb 23 (Reuters) - Sentiment toward most emerging
Asian currencies worsened from two weeks ago, with bearish
positions in the Philippine peso increasing to the most in two
months, a Reuters poll showed.
    The rise in short positions in the Philippine peso
 came after the peso slipped to a 10-year low this
week, its decline having gained momentum after it breached key
technical support at 50.00 per dollar. 
    Analysts said the peso's weakness stemmed in part from an
apparent softening in the central bank's efforts to curb the
currency's weakness.
    The peso has underperformed against regional peers so far in
2017 with a fall of 1 percent against the dollar, pressured by a
widening in the Philippines' trade deficit. 
    The poll of 16 market participants, including analysts,
traders and fund managers, showed that sentiment toward most 
Asian currencies weakened compared with two weeks ago, due to
either a reduction in bullish bets or an increase in bearish
bets.
    Bearish bets against the Singapore dollar rose to
the highest in about a month.
    Bets on the Chinese yuan turned slightly bearish,
although positioning was still close to being neutral. 
    Bucking the trend was the Indian rupee, which saw  
 bullish bets rise to the highest level since January 2015.
    Bullish bets on the rupee increased this month, after
India's central bank kept its policy rate on hold at 6.25
percent and unexpectedly signalled an end to its longest easing
cycle since the global financial crisis.        
    The poll is focused on what analysts and fund managers
believe are the current market positions in nine Asian emerging
market currencies: the Chinese yuan, South Korean won, Singapore
dollar, Indonesian rupiah, Taiwan dollar, Indian rupee,
Philippine peso, Malaysian ringgit and the Thai baht.
    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 U.S. dollars.
    The figures include positions held through non-deliverable
forwards (NDFs).
    The survey findings are provided below (positions
in U.S. dollar versus each currency):

 DATE     CNY   KRW   SGD   IDR   TWD   INR   MYR   PHP   THB
 23-Feb   0.05 -0.41  0.33 -0.40 -0.47 -0.69  0.46  0.69 -0.36
 10-Feb  -0.04 -0.54  0.03 -0.42 -0.53 -0.55  0.21  0.30 -0.52  
 
 26-Jan   0.09 -0.25  0.01 -0.36 -0.33 -0.02  0.14  0.19 -0.42  
 12-Jan   0.74  0.81  0.84 -0.14  0.58  0.28  0.56  0.63  0.22
 8-Dec    0.93  0.55  0.88  0.24  0.39  0.28  0.83  0.74  0.41
 24-Nov   1.38  1.02  1.35  0.61  0.77  0.44  1.36  1.22  0.49
 10-Nov   1.19  0.86  1.13  0.16  0.26 -0.22  0.88  1.14  0.36
 27-Oct   1.23  0.60  1.17 -0.36  0.32 -0.20  0.58  0.91  0.44
 13-Oct   0.73  0.51  0.80 -0.38  0.29 -0.19  0.73  1.20  0.96
 29-Sept  0.41 -0.24  0.50 -0.75 -0.11 -0.41  0.51  0.87 -0.32
 15-Sept  0.70  0.00  0.19 -0.31 -0.10 -0.40  0.37  0.30 -0.04
 1-Sept   0.60 -0.16  0.13 -0.11 -0.23 -0.21  0.19 -0.04 -0.27
 18-Aug  -0.04 -1.08 -0.47 -0.81 -0.90 -0.60 -0.33 -0.49 -0.69
 4-Aug    0.12 -1.01 -0.52 -0.84 -0.67 -0.56  0.16 -0.04 -0.56
 
    
 (Reporting by Masayuki Kitano; Additional reporting by Shaloo
Shrivastava in Bengaluru; Editing by Jacqueline Wong)
  
 
 

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