SINGAPORE (Dow Jones)–The US dollar continued to tumble against Asian currencies, prompting a wave of foreign exchange intervention by central banks around the region seeking to limit damage to their export industries.

Monetary authorities in South Korea, Taiwan, the Philippines, Thailand, Indonesia, and Hong Kong were spotted buying dollars to temper gains in their currencies.

Traders said the US dollar selloff is unlikely to fade soon, given the prospect for a long period of low US interest rates to support a sluggish US economy and increasing signs central banks in Asia will begin tightening monetary policies in the months ahead as the region's economy gains steam.

Surprisingly strong employment data in Australia bolstered speculation the Reserve Bank of Australia, which Tuesday became the first among Group of 20 central banks to raise rates, will deliver another hike before the year end. The news pushed the Australia dollar up sharply, and intensified buying of Asian currencies against the US dollar.

"Investors need little encouragement to extend selling of dollars, but received two further green-lights today in the form of ongoing weak US consumer credit and a stunningly strong Australian employment report," said Patrick Bennett, a strategist with Societe Generale.

The US dollar's downside against Asian currencies is "being slowed by intervention, but consolidation or rallies are opportunities to establish or add to shorts," he said.