Emerging Asian Currencies Suffer Amid Oil Surge and Rising US Yields

Bearish sentiment towards most emerging Asian currencies has deepened due to escalating tensions in the Middle East and rising U.S. Treasury yields.

Oil prices surged above $100 a barrel after attacks on Saudi Arabia's East-West pipeline, weighing on energy-importing economies in the region.

The Philippine peso remains the most shorted currency in the survey, with bearish bets climbing to their highest level in over four months.

However, analysts at MUFG argue that the risk-reward for long dollar positions against the peso has become less attractive due to an undervalued currency and improving domestic fundamentals.