Asia currency devaluation spreads to Kazakhstan and Vietnam

Kazakhstan, Central Asia's largest crude oil producer, devalues their currency following Vietnam's adjustment of their currency peg lower. This is certainly due to the shock waves being felt from last week's multiple China devaluations. In case you don't know what Kazakhstan is, it is the world's largest landlocked country, larger than Western Europe, borders Russia and China and was part of the former Soviet Union.

It also makes the Fed's determination to hike rates harder because these Asian currency devaluations are deflationary to the U.S. which lowers the already low prospects of future inflation, says Voya Global.