Reuters Survey: Oil Price Shock Hits Asian Currencies, Indonesian Rupiah Short Sellers Bet at 3.5-Year High

robot
Abstract generation in progress

Crypto World News reports that, according to a Reuters survey, due to sharp fluctuations in oil prices creating pressure on Asian currencies, market concerns about inflation, external balances, and economic growth have intensified, leading to increased bearish bets on the Indian rupee, Indonesian rupiah, and Philippine peso. The biweekly survey of 10 analysts, forex strategists, and economists shows that bearish bets on the Indonesian rupiah have risen to the highest level since October 2022, with bearish bets on the Thai baht, Philippine peso, and Indian rupee also increasing. In a report, Mitsubishi UFJ Financial Group analysts stated, “The Philippine peso and Thai baht will remain fragile because they are highly correlated with oil prices, while Indonesia’s unfavorable fiscal and energy dynamics continue to weaken the Indonesian rupiah. More credible signals of conflict de-escalation are needed to ease depreciation pressure.” For other currencies, participants maintained long positions in the Singapore dollar and Malaysian ringgit and reduced bearish bets on the Korean won.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin