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Since the Fedâs surprise hawkish shift in June, the Mexican peso a popular candidate for carry trades has outperformed, gaining about 2.8%. In contrast, declines in Asian emerging currencies range from 0.7% in the Taiwan dollar to 3% in the Thai baht.
âAny flow that is happening right now is still chasing the recovery,â said Paul Sandhu, head of multi-asset quant solutions Asia Pacific at BNP Paribas Asset Management. âI do think itâs temporary because the fundamentals in Asia are better.â
Outside of currencies, foreign funds continued to favor Asian assets last month, demonstrating confidence in the region. Led by China, they added $14.4 billion worth of securities, more than half the total to all emerging markets, according to data from the Institute of International Finance.