Standard Chartered - The market is still short USD-AXJ

[tyrikhaidar]

"In discussions with investor clients, we have repeatedly heard the view that the market is long US dollar (USD) against emerging market (EM), and particularly Asian currencies. We strongly disagree with this view. While short-term speculators may be long USD-EM FX in the higher beta pairs, our findings suggest this is not the case for real money or corporates... As of end-April, our custody and corporate clients were net short USD-AXJ (Asia ex- Japan) against all currencies except the Indonesian rupiah (IDR) and Thai baht (THB). Custodian clients stayed substantially short USD versus the Malaysian ringgit (MYR), Singapore dollar (SGD), Korean won (KRW), Chinese yuan (CNY) and Indian rupee (INR)... This short USD-AXJ position may have been reduced since then, but it has not been eliminated." Standard Chartered Global Research.










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[Admin]

Glad to see AXJ is strong in Asia.