Already, the Thai baht, Korean won, Malaysian ringgit, Singapore dollar and Philippine peso are under downward pressure again.

CNN: FROM BAD TO WORSE

That has cut inflation in half to 3% a year, fostered three consecutive years of 5% to 6% economic growth and enabled the Philippine peso to strengthen 18% against the dollar.

FORBES: Magazine Article

Also, at least half a dozen corporate and sovereign issuers are conducting roadshows of investor presentations for proposed U.S. dollar bonds this week, among them Philippine brewery San Miguel Corp.

WSJ: Asian Bond Issuance Is Booming

In the week beginning on December 15th, the Indonesian rupiah, Philippine peso, Thai baht and Malaysian ringgit all touched historic lows against the American dollar.

ECONOMIST: Asian currencies