the dollar fell to a 14-month low against other currencies Thursday, intensifying a trend that the government has publicly suggested that Obama opposes – but seems willing to tolerate in silence.
Many U.S. trading partners, however, are pushing the other way. In Asia, traders said the central banks of South Korea, Taiwan, Philippines, Thailand, Indonesia and Hong Kong once again intervened to halt the dollar’s fall against their currencies.
Asian officials worry that the dollar’s decline could affect its export-oriented economies. "The [Thai] baht has appreciated a bit too fast compared to our fundamental principles," said Sucha Kirakul, Assistant Governor