Citi just sent around an analysis showing that most of the Asian regional currencies are making majors gains against the greenback. Why should you care? Because if you’ve been a dollar bull, one of the flows that helped support the greenback in recent months was central bank selling of EUR/USD to help replenish their dollar reserves after intervening to support their local currencies. No intervention means no need to sell EUR/USD. In fact, there’s a risk Asian central banks could look to rebuild the EUR-denomintaed portion of their reserve holdings, if the dollar looks vulnerable.