Fed reaction: Early Asia FX

Dollar down, everything else up, but gains aren’t even. Here are the most notable early movers.

The Korean won was the biggest gainer, jumping a full 1 per cent to a four-month high at Won1,130 to the dollar as trading in the region picked up pace.

Not far behind it was the offshore renminbi. While markets waited for China’s onshore market to begin trading, the offshore rate reached Rmb6.855 against the dollar, up 0.8 per cent and its strongest level this month.

The Japanese yen also hit highs for the month, at Y113.3, predictably sending Tokyo’s exporter-heavy stock market lower.

Not to be outdone, the Australian dollar managed a four-month high at $0.7715. If it passes $0.7762 – the high from November 8th – it will reach levels not seen since last April.