Policy makers in Asia pushed back against a surging dollar, seeking to stem losses as their currencies teetered on the brink of key levels that may trigger more selling. The Bank of Japan is said to have called banks asking for an indicative price at which it could intervene, spurring traders to drive the currency higher.
The baht fell the most since late November after the government raised the Covid-19 alert to the second-highest level, further dimming the recovery of the tourism sector.
(Bloomberg) Traders have had a mixed view for most of this year about when emerging-Asia central banks will begin to normalize policy. Suddenly though, they are rushing to price in rate-hike bets across the region.