This is beginning to be a recurring trend in the foreign exchange market. Asian Banks continue to intervene on behalf of the US dollar to protect their currencies from pricing their exports out of the market.
Asian central banks intervened heavily in the currency markets on Thursday to slow the slide of the US dollar amid growing concern about the potential impact on the region’s export driven economies.
Traders said most of the Asian central banks had been buying US dollars, with the Bank of Korea among the most active following a round of intervention by Seoul earlier in the week.
