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Asian Currencies Tumble Lower, Triggering Government Intervention Throughout the Pacific Region
Thursday, 20 November 2008 05:21:36 GMT
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Regional currency intervention has been seen through the day with reports that S. Korea is the latest to intervene with the currency trading to 11 year lows today. S. Korean officials say that they will not tolerate FX market instability continuing. Earlier today, there were reports of intervention on the INR which hit record lows, with reports as well as intervention on the PHP, MYR and IDR. There was also suspicion of support efforts for the AUD since it has held above 0.6330 stops, and in the wake of the news earlier today that the central bank spent over $A3 bln supporting the currency in October. The fall in Asian currencies has sparked talk of Japanese investors unloading emerging market currency assets ahead of year end.
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