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Investors have become more bearish on some Asian currencies in the past two weeks and have cut their holdings in other Asian currencies as markets are generally wary of further easing by major global and Asian central banks, according to a Reuters survey.
The empty warehouses of CNY = CFXS, KRW = KFTC, SGD = D3 and TWD = TP of RMB increased, while IDR = ID of Indonesian rupee and THB = TH of Thai baht decreased.
The survey of 13 analysts ended Wednesday before the Federal Reserve decided to cut interest rates. The market had basically digested that the Fed would cut interest rates by 25 basis points.
Powell said at a news conference after the Federal Reserve statement that the 25-basis-point interest rate cut was a "one-cycle policy adjustment" designed to keep the U.S. economy expanding at a record pace, not the beginning of a long period of interest rate cuts.
Last month, the central banks of South Korea and Indonesia both cut interest rates, while the European Central Bank and the Bank of Japan kept interest rates unchanged, but retained the option of easing policy.
Global policymakers are rushing to address growth concerns as the Sino-US trade war worsens. Most of the major Asian economies have been hit by the cooling demand from their major trading partners, China.
Most Asian currencies are also under pressure, with factory activity in Asia weakening as global demand remains sluggish and China's stimulus policy has not yet fully worked.


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