Really, it's very tempting. With so many G10 economies limping along or slogging through recession territory, emerging Asian currencies look a lot more appealing. They offer high yields and solid growth prospects, so what could go wrong?
Central bank action, that's what, says John Woods, chief investment strategist for Citi's private bank.
"There's basically a common theme running through these central bank decisions," he told CNBC. Woods says Asian central banks share a view that economic woes in the U.S. and Europe are translating into slowing export growth. Admittedly, domestic demand in many Asian countries is resilient for now, he says, but even so, "the focus by central banks across all of Asia is to support growth, and to that extent monetary policy will be used judiciously." There also could be instances of fiscal stimulus, he says.