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Asia Fights Back Against A Surging US Dollar
USD strength and weak Asian currencies have been a persistent theme in 2023. USDJPY and USDCNY are at levels not seen since 1990 and 2008 respectively. Slowly, Asian central banks are fighting back with measures to support their currencies. With no top tier data on Monday, many would have expected a quite start to the week. However, there has still been plenty action as stock markets rallied strongly in Europe and dollar pairs have posted solid gains. The dollar weakness started in Asia with the Yen around +1% higher and the Australian Dollar also sharply higher by 0.9%. This was clearly not a domestic US story, but ... (full story)