A very good sum-up of what happened in the global currency war overnight from ForexLive:
Lots of developments in the trenches overnight in the currency wars. Brazil doubled the tax it charges foreign investors in an effort to dissuade hot money flows. South Korea told banks it intends to have a look at their derivatives positions in the KRW. Taiwan is telling banks to check documentation before allowing clients to purchase TWD…Not to mention Japan cut rates to zero and set up a fund to buy commercial paper and corporate bonds…
Meanwhile, everyone expects the Fed to win this game.
Soon the dollar index will fall below 78.
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