Kazakhstan just intensified the global currency war.
By allowing a 23 percent plunge in the tenge, central Asia'sbiggest oil exporter signaled a new wave of devaluations indeveloping nations forced to compete against weaker currencies.Egypt and Nigeria look the most vulnerable to John-Paul Smith, theex-Deutsche Bank AG strategist who predicted Russia's 1998 crisisand this year's China's rout.
To Bernd Berg, a London-based strategist at Societe Generale SA,African currencies like the naira and those of former Soviet Unioncountries “will be next.”
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