The currency war is getting out of control.
A snapshot of the week so far in central banking:
The Monetary Authorty of Singapore surprised markets Tuesday night with a policy switch to pursue a slower pace of currency appreciation, its main policy tool.
Wednesday afternoon, New Zealand's Reserve Bank kept policy unchanged, but significantly altered its language, saying it expects to see a "further significant depreciation" for the kiwi and that "the exchange rate remains unjustified in terms of current economic conditions."
Hungary's central bank struck a decidedly dovish note, hinting at easier policy ahead.