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Asian central banks are running out of ammunition to fight their currencies’ biggest rally since 1998, paving the way for South Korea, Taiwan, Indonesia, Thailand and India to help lead foreign-exchange performance next year.

JPMorgan Chase & Co.’s index of Asian currencies has risen 5.6 percent since its strongest two quarters in 11 years began March 31. Of 34 currencies ranked by Bloomberg forecast surveys, the won, Taiwan dollar, rupiah, baht and rupee will be among next year’s dozen strongest, median estimates show. The won has the best prospects and is the second-most undervalued of 16 major currencies as measured by purchasing power.

The currencies are rising even as policy makers sell them, amassing record reserves on concern that too much appreciation will slow export-driven recoveries. Investors are fueling the rallies by seeking greater returns outside the U.S., where near- zero interest rates have made the dollar a favorite to sell in so-called carry trades. With Asia leading the way out of the worst global recession since World War II, 15 of its 18 country stock indexes are beating the Standard & Poor’s 500 Index.

The currency markets have been sooo much fun lately. Crazy moves all over the place! Im thinking about starting to focus more on currencyy trades as opposed to the equity markets.

Weve seen a small rally for the dollar now. I wonder if its gonna fizzle out or if this is last year all over again.

a yen has less purchasing power now than it did 14 years ago, the last time the dollar and the yen were at this level.

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