Asia Local Markets Weekly: Of positioning & flows...

研报英文原文证据摘录

Asia Local Markets Weekly: Of positioning & flows...

Deutsche Bank

Research

Asia Fixed Income Date

26 June 2026

Asia Local Markets

Weekly

Of positioning & flows...

Sameer Goel

Plenty of USD/INR positioning to clear. Both price action and client conversations

Macro Strategist

suggest an active unwind in long USD/INR positioning following the RBI measures +65-642-36973

announced earlier this month. But how big was the positioning to begin with? Our

BoP based metric suggests possibly as much as $200bn if we accumulate from over Perry Kojodjojo

Strategist

the past couple of years, including slightly over half of this added in just the past 6

+852-2203-6153

months. We estimate that only about 20% of this has got covered this month.

Vaninder Singh, CFA

Fighting IDR weakness. Policy in Indonesia has stepped up its efforts to stem IDR Macro Strategist

weakness over the past couple of weeks. But while inflows into SRBIs have picked +65-6423 8947

up in June (vs YTD run rate), they are mostly flowing into a build-up in BI's reserve Bryant Xu

books and not necessarily adding to spot dollar selling. Again, bond yields have Strategist

backed up, but the IndoGB-UST spread remains too narrow vs when BI was last not +65-6423 5558

present as a buyer of bonds. Joey Chung

Not fading the MYR move yet. The sharp move higher in USD/MYR since mid-May +65-6423 8298

was driven by build-up in corporate dollar holdings and offshore bond outflows. The Chen Kan

latter seems to be reversing, and its looks like BNM oversight may have stepped up Macro Strategist

too. We are not fading the move though just yet, pending the Johor state elections +852-2203-6159

on 11 July.

Jalaj Singh

Research Associate

Taiwan’s relative resilience. Taiwan has been more resilient to equity outflows than