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.