Asian FX May Have More Sustained Selling Pressure Among EM
By Lilian Karunungan
June 24 (Bloomberg) -- Asian FX could have more sustained selling pressure among emerging currencies as largest positions are still holed up in these assets, Steven Englander, managing director at Citigroup, writes in report dated June 21.
* As of June 20, only 20% EM long positions reduced since peak on May 27, citing CitiFX data: report
* Non-leveraged investors unwound only small portion of their EM buying this yr: report
* Roughly 80% USD and 20% EUR funded a combination of long EM, long GBP and long JPY for 2013: report
* Further backing up of U.S. rates could lead to further reduction of risk appetite: report
* EM funds continue to hold about $16b in debt so far purchased this yr: report
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