Jamie McGeever: Oil shock turbocharges FX intervention risk in Asia

By Jamie McGeever Reuters Tuesday, April 7, 2026 Several Asian countries, including India and the Philippines, have already intervened in the foreign exchange market to support their currencies since the Iran war broke out. They're unlikely to be the last. Asia, which imports 60% of its crude oil from the Middle East, is the continent most ​exposed to the energy shock triggered by the Iran war. Brent crude prices have soared 55% since the conflict broke out on February 28. ... Dispatch continues below ... ... ADVERTISEMENT ... First Majestic Mines Silver and Gold,  Mints Its Own Silver Bars, Ingots, Coins, and Medallions, and Sells Them Online at Low Premiums First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver and Gold Mine, the San Dimas Silver and Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada, U.S.A. In 2025 these mines are projected to produce between 27.8 to 31.2 million silver-equivalent ounces, consisting of 13.6 to 15.3 million ounces of silver and 129,000 to 144,000 ounces of gold, with an all-in sustaining cost of $19.89 to $21.27 per payable silver-equivalent ounce. For more information about the company, visit: https://www.firstmajestic.com In a practice unique to First Majestic, the company is proud to manufacture exceptional silver bullion products from its 100%-owned and operated minting facility, First Mint, offering a portion of its own silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at low premiums. To review First Mint’s full product range, visit: https://www.firstmint.com As a result, many ‌Asian countries now potentially face a doom loop of rising energy costs, imported inflation, demand destruction, and weakening currencies that could spiral rapidly if not checked. The MSCI emerging market currency index fell 3% in March, its worst month since September 2022. Several currencies from Asian countries running current account deficits unsurprisingly underperformed: India's rupee, Indonesia's rupiah, and the Philippine peso all slumped to record lows against the dollar. But even nations with strong external balance sheets, like Japan and South Korea, ​have come under fire. ... ... For the remainder of the commentary: https://www.reuters.com/markets/commodities/oil-shock-turbocharges-asia-fx-intervention-risk-2026-04-07/ * * * Support GATA by purchasing Stuart Englert's "Rigged" "Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon: https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1 * * * Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 Donations of $500 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work: https://www.gata.org/sites/default/files/GATA-silver-round-front.png