Pimco has also reduced short positions on the trade-reliant currencies of South Korea, Taiwan and Singapore, he said. “According to our valuation models, currencies around emerging markets are closer or close to the cheapest levels in the last two decades," said Mieth at Pimco, which oversees about $1.9 trillion globally. Pimco says that while an easing of global trade tensions will help emerging-market assets, some offer better value than others. Rupiah PositivesThe rupiah is also attractive due to the “market friendly" make-up of the new Indonesia cabinet, which should be supportive for Indonesian assets, he said. While Pimco is positive on most Asian emerging currencies, it is less so toward India’s rupee.

Source: Mint November 18, 2019 02:48 UTC