Cornered Forex Traders Brace for Dollar to Smash More Asia Records

(Bloomberg) — Investors are re-writing playbooks on how to trade Asia’s hallmark currencies as the dollar’s rampage pummels peers to fresh lows.

With the greenback supercharged by expectations of higher-for-longer U.S. interest rates, traders are struggling to pick the bottom for Asian currencies.

In the last 24 hours, the yen fell to within a whisker of 145 per dollar while China’s yuan is teetering on the edge of the key 7 level. The risk-sensitive Korean won is hurtling towards the closely-watched 1,400 mark, with jawboning from officials on Wednesday having little impact.