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Aug 8 - Analysts have turned bullish on most major Asian currencies for the first time in more than a year, bolstered by rising bets of interest rate cuts by the Federal Reserve and an unwinding of yen-funded carry trades, a Reuters poll found.
"Still, some impacts from the unwinding of yen carry trade also accelerated the reduction of net long dollar positions." "Scope for further downside in USD should be more limited from here, or at least the moves should become more gradual, and risks are skewed towards a modest rebound in the broad USD and therefore USD/Asia," they added.
The currency has appreciated around 6% since mid-July and more than 7% since late February, when it fell to its lowest level since early 1998. Elsewhere, analysts turned bullish on the Thai baht and the Philippine peso for the first time in roughly eight months.
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