It has been well publicized for months that the Bank of Korea has been supporting the won. The scope of the intervention is clearer now that South Korea has released its reserve data for the month. They dropped to their lowest level since the end of 2005 and by over $27 bln. Why should you care? Because in addition to selling dollars against won, South Korea sold yards of EUR/USD to replenish their dollar holdings. Russia did the same, as did Singapore, etc. This is one of the reasons the euro has been so weak since topping out in the middle of the summer.