mathewslcd：Bears fortify bets on Asian FX on resilient dollar, growth fears: Reuters Poll

 Analysts' positions on most emerging Asian currencies firmed deep in bear territory, a Reuters poll found, as a resilient dollar, a coerced yuan, a decisively hawkish U.S. Federal Reserve, and global economic headwinds shroud the outlook.

Short bets on the Philippine peso, Malaysian ringgit, Thai baht, Indonesian rupiah and Indian rupee inched higher from their already strong positions, signifying a growing weak sentiment, the fortnightly poll of 12 analysts showed.

The recent strengthening of the U.S. dollar on the back of outsized rate hikes by the Fed has weighed heavily on regional currencies, with most of them lingering near multi-year, or even record, lows.

However, investors are hoping the Fed may consider a pause or a slowdown in policy normalisation as recent U.S. data indicates the economy could be starting to be pinched by the aggressive tightening so far this year.

Malaysia's ringgit––down more than 10% so far this year and among the worst performing currencies in the region––was among the most shorted by the analysts polled, amid uncertainty surrounding general elections ahead of a budget announcement.

Analysts at Australia and New Zealand Banking Group see further challenges for the ringgit in the fourth quarter on moderating global demand due to liquidity tightening cycles, which will likely weigh on the country's external balance.

"A slowdown in China's growth momentum will further impact the ringgit's strength," the ANZ analysts said in a note.

"In addition, moderating growth will likely trigger further outflows from the financial markets, adding to the ringgit's woes in fourth quarter."

Meanwhile, inflation remains uncomfortably high for most regional economies, keeping central banks tied to their policy tightening approach, with the health of the economy and dwindling currencies in focus.

Analysts were also significantly short on the Philippine peso and the Thai baht, with data from earlier this week showing inflation lingered at multi-year highs in both economies, suggesting further rate hikes.

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