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Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening: Poll

Market participants turned bullish on the U.S. dollar-sensitive South Korean won for the first time since July 1, 2021, the poll of 12 analysts showed on Thursday.

December 01, 2022 / 01:55 PM IST

Investors turned modestly bullish on currencies of South Korea, Malaysia and Thailand, supported by prospects of China's reopening, a Reuters poll found, while bearish positions on other Asian currencies hovered at multi-month lows amid a weaker greenback.

Market participants turned bullish on the U.S. dollar-sensitive South Korean won for the first time since July 1, 2021, the poll of 12 analysts showed on Thursday.

The fortnightly poll was conducted before U.S. Federal Reserve Chair Jerome Powell signalled slower rate hikes from as soon as December late on Wednesday, following which the safe-haven dollar lost its footing. The dollar index tumbled 5.2% in November, its worst monthly showing since September 2010.

Expectations that the dollar's strength and U.S. yields had peaked saw investors return to emerging markets in November.