Asia continues to rally against dollar

"Dollar/Asia is still relatively undervalued, and Asian currencies will continue to appreciate," said one senior dealer in Hong Kong. "We're not even close to pre-1997 highs for most of the currencies. And most of Asia, its governments and economic condition, warrant a much bigger move to the downside for dollar/Asia."

Most Asian currencies remain fairly to slightly undervalued, agreed Callum Henderson, head of FX strategy at Standard Chartered in Singapore. "Asian countries continue to enjoy

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