Mitul Kotecha, global head of FX strategy, Crédit Agricole CIB (pictured):

The Federal Reserve's (Fed) non-taper event has provided a major source of relief for Asian currencies, both directly and indirectly. The risk of a major outflow of capital from the region has been delayed while further relief has come from an attendant pull back in US Treasury yields and a weaker US dollar. Admittedly, equity portfolio flows were already returning to Asia prior to the Fed decision, but this trend has now been reinforced. Our analysis shows that among all regions, Asian currencies have been the most sensitive to gyrations in US bond yields over recent months and will therefore find most relief from the fact that yields have fallen.