Investors sour on baht, trim long bets on most emerging Asian currencies: Reuters poll

(Reuters) – Investors turned bearish on the Thai baht for the first time in two months, highlighting concerns over the pace of recovery in Southeast Asia’s second-largest economy through the COVID-19 pandemic and a domestic political crisis.

FILE PHOTO: A Thailand Baht note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration

Bullish bets on most other emerging Asian currencies were scaled back with the U.S. dollar near two-month highs in recent weeks amid uncertainty leading up to the U.S. Presidential election, while market participants further increased short positions on the Indonesian rupiah IDR=.

Short positions on the baht THB=TH were at their highest since late-April, a fortnightly poll of 12 respondents showed, as the government tries to revive the tourism-reliant economy by approving long-stay visas for foreign tourists, providing tax incentives and cash handouts.

Last month, the Thai central bank left interest rates unchanged and upgraded

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POLL-Investors sour on baht, trim long bets on most emerging Asian currencies

By Shashwat Awasthi

Oct 1 (Reuters)Investors turned bearish on the Thai baht for the first time in two months, highlighting concerns over the pace of recovery in Southeast Asia’s second-largest economy through the COVID-19 pandemic and a domestic political crisis.

Bullish bets on most other emerging Asian currencies were scaled back with the U.S. dollar near two-month highs in recent weeks amid uncertainty leading up to the U.S. Presidential election, while market participants further increased short positions on the Indonesian rupiah IDR=.

Short positions on the baht THB=TH were at their highest since late-April, a fortnightly poll of 12 respondents showed, as the government tries to revive the tourism-reliant economy by approving long-stay visas for foreign tourists, providing tax incentives and cash handouts.

Last month, the Thai central bank left interest rates unchanged and upgraded its gross domestic product outlook, but more than two months of

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EMERGING MARKETS-China factory surveys lift stocks, currencies steady

By Nikhil Nainan

Sept 30 (Reuters)More evidence that China’s economy is rebounding lifted Asia’s emerging stock markets on Wednesday with Malaysia, the Philippines, Singapore and Taiwan all following Shanghai stocks around half a percent higher.

A holiday in South Korea and the start of a week-long break in China on Thursday kept trading subdued, with the action in the U.S. presidential debate late on Tuesday failing to stir much movement from investors globally.

Two surveys showed China’s factory activity, a bellwether for the region, still firmly in growth territory in September.

“The data continues to provide evidence of China’s economic resilience both in the manufacturing and services sector,” Mitul Kotecha, a senior emerging markets strategist at TD Securities, said.

“The strength of the trade components was encouraging, suggesting that exports and imports will continue to improve, which is also positive for the rest of Asia.”

In line

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