With risk appetite waning, here's what one trader sees for Asian currencies.
Hint: it's not what you think.
China is tightening monetary policy, the Korean central bank has been trying to keep the won from rising off the charts, and economic indicators like China's manufacturing growth are coming in softer than expected. Does all this bode ill for Asian currencies?
Not at all, says Mitul Kotecha, head of global FX strategy at Credit Agricole CIB.
"One of the reasons risk aversion is higher is because of global growth worries," he told CNBC, and "Asian currencies at the moment are being buffeted by a strong dollar and are coming under some pressure," and he notes some capital outflows from countries like Japan and India.