May 8th, 2008

KRW: BoK announed no change in policy and USDKRW touched 1050
SGD: Well bid with Bob buying $510mio, MAS suspected around 1.3800 when NEER lowered to 1%
THB: Fell prey to shortcovering, daily funding originally trading at a discount but exploded to the right
Thai FM said expecting 6% growth

FT reports the US and EU working together to see USD stregthen against EUR

Another wild and volatile day in Asia with massive short-covering across the board with USD/KRW contiuing its skyward ascent hitting 1050, USD/CNY breaking through the 7.00 level, and USD/INR, USD/PHP, and USD/TWD all being bid up. SGD weakened by over 1% as rumors of a large fund stop loss permeated the market. Things began to settle down as London came in as EUR recovered from its drop to 1.5285 low back towards 1.5400. Overall a mixed sentiment throughout the market as US markets were cautiously positive in contrast to the Asian selloff and mixed EMEA markets.