According to the results of the latest Reuters poll, the broad-based USD rebound, on the back of rising Treasury yields, prompted investors to reduce their bullish bets on the Asian currencies over the last fortnight.

Key Findings:

“Bullish bets on the Chinese Yuan dipped for the first time since December, while that on the Malaysian ringgit touched their lowest since November.

Long positions on the Singapore dollar and the Taiwan dollar reached a near two-month low, according to the poll of 12 analysts, traders and fund managers.

Investors, however, turned more bearish on the Philippine peso, with short positions at their highest since November.

The peso has been the weakest in Asia against the dollar so far this year, shedding 2.8 percent, with vulnerability to capital outflows seen increasing due to deficit concerns.

Bullish bets on the Korean won were trimmed to five-month lows, while positions on Indonesian rupiah went from long to nearly neutral.

Bullish sentiment towards the Thai baht weakened slightly, while the Indian rupee, which has slid about 0.5 percent so far this year, saw bullish bets at their lowest since January 2017.”