Asia's currencies steady under pressure

Regional currencies in Asia ex-Japan (AXJ) have come under pressure in the past few weeks, affected by the accelerating decline in the value of the euro, fading risk appetite and market concerns over global growth. In the first few months of the year, the euro’s fall was all but ignored by USD-AXJ currency pairs, resulting in significant returns for investors able to sell EUR-AXJ. More recently, the pace of the sell-off has increased sharply, triggering a wave of broad risk reduction across