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Market News International

Market News International quotes portfolio manager Axel Merk's  concern about Asian currencies.

Market News International writes Mr. Merk "expects Asian central banks to intervene in the foreign exchange markets to engage in competitive devaluation. Therefore Merk prefers currencies of countries where central banks have 'restrained reactions' and sounder monetary policies than in Asia." In the interview, Mr Merk highlighted "the much better resilience of the euro zone economy than Asian economies to a U.S. slowdown as a key support for the single currency." The euro zone is "the anchor of stability right now as far as currencies are concerned and at the same time Europe is benefiting from Asia trying to diversify somehow" away from the greenback.