July 16th, 2008

KRW
Verbal intervention didnt cap spot and moved higher to 1010

Singapore
Pair surged after weaker than expected NoDX at -10.5% from -6.7% mktexp

South Africa
Interest rates fallen sharply; market only pricing in 20% chance of rate hike..at end June were pricing a full 50bp hike in Aug and chance of another one
maitained view of flat rates on evidence of rapidly slowing economy; SARB has shown they prefer dealing in world of "knowns" rather than unknowns (as they showed from NERSA annoucement)