Asian currencies on downward spiral: Mecklai Graph
Asia Currency Index (ADXY) is the first U.S. dollar tradable index of emerging Asian currencies .It is a spot index of emerging Asia's most actively traded currency pairs valued against the U.S. dollar: Mecklai graph of the day.
April 17, 2013 / 10:35 IST
Mecklai graph of the day: Asian Currencies on a Downward Spiral
Asia Currency Index (ADXY) is the first U.S. dollar tradable index of emerging Asian currencies .It is a spot index of emerging Asia's most actively traded currency pairs valued against the U.S. dollar.ADXY has weakened lead by the yen currently at 99.17 .The constant volatility of the yen and gradual depreciation since 0ct 2012 against the greenback has affected the Asian dollar index .The BOJ head Haruhiko Kuroda had aggressively started his Q.E asset purchasing to control the 20 year deflation thereby flooding the markets with a high supply of yen with relatively lesser demand for it. Another leading major Asian currency Korean Won has been on an unstable mode due to the recent threats of a nuclear war made by the north Korean leader Kim Jong Un . This recent agitation has affected the Korean markets heavily also sending the won into further depreciation mode.The Indian rupee which has been constantly on a downward roll depreciating furiously since the last month threatening to reach a new psychological high of 60.00 against the green back till the ending of this year has shown a complimentary trend with the ADXY as its one of the major components of the Asian index. Also the U.S economy has been slowly strengthening which in turn has made the U.S dollar much stronger against its Asian counter parts.The million dollar question is will the Asian index accompanied by the Indian rupee further its fall or will it rise out of the ashes like a phoenix?
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