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ly to go long, and on SGD, where persistent overvaluation and exposure to a broadening in USD strength out to low-yielders favors a short bias. In North Asia, we stay short USD/CNH, but are mindful of the large build up in positioning. We favor a short JPY/KRW position to express our positive view on Ko

ly to go long, and on SGD, where persistent overvaluation and exposure to a broadening in USD strength out to low-yielders favors a short bias. In North Asia, we stay short USD/CNH, but are mindful of the large build up in positioning. We favor a short JPY/KRW position to express our positive view on Ko