Asian banks step in to bolster dollar

[ironlady]

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
In Hong Kong, the Chinese territory’s central bank said it had injected HK$8.525bn into the financial system to prevent the currency from rising beyond its fixed trading band against the US dollar.


http://www.theglobeandmail.com/globe...rticle1316993/

[Fiat Currency]

Re: Asian banks step in to bolster dollar

I sort of laughed at that today ... vs. CAD$ the USD$ still fell about 1 cent.

Whatever they did - it didn't seem to work very well.

[ST]

Re: Asian banks step in to bolster dollar

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
In Hong Kong, the Chinese territory’s central bank said it had injected HK$8.525bn into the financial system to prevent the currency from rising beyond its fixed trading band against the US dollar.


http://www.theglobeandmail.com/globe...rticle1316993/

Yep, bang up job they did:

Last trade 75.915 Change -0.579 (-0.74%)

[charliebrown]

Re: Asian banks step in to bolster dollar

booo haa haa haa haaw!

[ASH]

Re: Asian banks step in to bolster dollar

booo haa haa haa haaw!

I am so used to markets behaving counter to the way I expect them to, that whenever markets align with what I think is sensible, I feel on edge. It's like momentarily finding your footing on an icy street, but knowing that you'll lose it again with the next step.