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On Monday, Asian currencies weakened. The South Korean won and the Malaysian ringgit suffered most heavily.
The fiscal situation in the European Union deteriorated, as Standard & Poor's downgraded Italy.
The U.S. dollar rallied against the euro and the dollar index rose to multi-month highs.
Traders may have sold euros to buy dollars in a safe haven play. Perhaps they also sold Asian currencies on the same news, as there was little else that may have indicated that a dumping of Asian currencies was in order.
Traders believing that the sell-off in Asia is exaggerated may wish to consider iShares MSCI South Korea Index
EWY. EWY attempts to return a value corresponding to the general South Korean economy and may rally after fears subside.
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Posted In: Long IdeasNewsShort IdeasDowngradesEmerging Market ETFsForexGlobalEconomicsMarketsAnalyst RatingsTrading IdeasETFsStandard and Poor's
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