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Earlier this week, US President Donald Trump shocked the markets with threats to raise import tariffs on Chinese goods from Friday. The volume of short positions in the Chinese yuan was at its highest since mid-December. The increase in yuan rates was observed amid expectations that the central bank may suspend the implementation of mitigation measures after the release of data on the recovery of China's economy. Now the situation is beginning to change.
Market participants demonstrate a "bearish" attitude towards the South Korean won, as a whole series of weak domestic economic data cast doubt on the outlook for the local economy. Data released late last month showed that South Korea's economy contracted unexpectedly in the first quarter, showing its worst performance since the global financial crisis, with exports falling again in April. Short positions for the worst Asian currency this year were the highest since January 2016. Risk appetite also suffered as a result of the rocket tests conducted by North Korea earlier this week.
Short bets on the Taiwanese dollar also rose to the highest level since the end of February. As in South Korea, Taiwan's economy is heavily dependent on technology-oriented exports and suffers from lower demand for such products. Most Asian currencies are in a difficult situation, as factory activity on the continent still has a tenuous ground: global demand remains subdued, and the incentive measures launched by China have not yet demonstrated their full strength.
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