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J.P. Morgan Takes Profit On Long THB Trade

THB

"We went long THB in September to position for a recovery in the current account, which we believed would be front-run by speculative and financial account flows. Since then, THB has been a relative outperformer in Asia FX, as the current account deficit has largely closed and news of China’s reopening has attracted speculative flows. With the tourism recovery 85% priced, largely by crowded speculative positioning, we are taking profit on our trade for total return of 7.7%. We also close off our 1% overweight in THB, switching to a 1% overweight in IDR, balanced by a 1% underweight in PHP. Our medium term view on THB is constructive and we look to re-enter at better levels."

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