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Intervention in Asian currencies leads to EUR, GBP and AUD demand

By Sean Lee  || March 9, 2010 at 02:14 GMT
|| 3 comments || Add comment

For the last few days, Asian central banks across the region have been intervening in currency markets, buying USD and trying to stem the rise of their local currencies. Amounts will vary from currency to currency but the overall amount is easily in excess of USD1 billion a day and probably a lot more than that. These USD are usually sold out pretty quickly as ACBs already have more than enough exposure to the USD. That is why we are seeing reports of the Asian Sovereign names buying EUR/USD, AUD/USD and GBP/USD on dips.

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Category: All, Asia
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3 Responses to “Intervention in Asian currencies leads to EUR, GBP and AUD demand”

  1. JR on March 9th, 2010 02:17 GMT

    Thanks for the heads up, Sean. We all really appreciate you helping us come to rational terms with this loco currency market!

  2. Sean Lee on March 9th, 2010 02:49 GMT

    No worries JR, but I wish it would help me understand USD/JPY! 24 years and it’s still a mystery

  3. Inderjit on March 9th, 2010 02:50 GMT

    Where is this gbp/jpy going to stop today..



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