{"id":12414,"date":"2023-05-23T01:54:39","date_gmt":"2023-05-23T05:54:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/asia-fx-weakens-dollar-firms-as-focus-remains-on-debt-ceiling-talks\/"},"modified":"2023-05-23T01:54:39","modified_gmt":"2023-05-23T05:54:39","slug":"asia-fx-weakens-dollar-firms-as-focus-remains-on-debt-ceiling-talks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12414","title":{"rendered":"Asia FX weakens, dollar firms as focus remains on debt ceiling talks"},"content":{"rendered":"
\n

Investing.com — Most Asian currencies moved in a flat-to-low range on Tuesday, while the dollar crept higher as markets awaited more cues on negotiations between U.S. lawmakers over raising the debt ceiling and avoiding a default.<\/p>\n

fell 0.2% and was trading near a six-month low to the dollar amid continued uncertainty over a slowing economic rebound in the country. The currency has been on a losing streak after it crossed the key 7 level against the dollar last week.\u00a0<\/p>\n

Markets were also wary of any worsening in U.S.-China ties after Beijing failed U.S. chipmaker Micron (NASDAQ:) in a security review, blocking sales by the firm in China.\u00a0<\/p>\n

The fell 0.5% to a five-week low, and was the worst-performing Asian currency on Tuesday as markets awaited more cues on the formation of a government in the Southeast Asian country.<\/p>\n

The country\u2019s pro-democracy opposition party had unexpectedly defeated the military-backed junta in elections last week.<\/p>\n

Broader Asian markets were somewhat mixed. The rose 0.1% after data showed that the country\u2019s unexpectedly grew in May, while hit a record high.<\/p>\n

But the yen was trading at a six-month low to the dollar, as it faced increased pressure from a dovish outlook for the Bank of Japan.<\/p>\n

The rose\u00a0 0.3%, aided by stronger-than-expected data for May. Focus this week is also on a , where the lender is expected to keep rates steady.<\/p>\n

The was flat as positive pointed to some resilience in the economy.<\/p>\n

The U.S. dollar advanced slightly against a basket of currencies, with the and trading higher after a muted overnight session.\u00a0<\/p>\n

Continued negotiations between Democrat and Republican lawmakers failed to result in a deal to raise the debt ceiling, although both parties expressed some optimism over avoiding a U.S. default.\u00a0<\/p>\n

This comes ahead of a June deadline for a U.S. default, the prospect of which has rattled global markets in recent weeks. But the dollar saw increased demand, which helped it rebound from recent one-year lows.<\/p>\n

Recent speculation that the Federal Reserve will keep rates higher for longer has also benefited the dollar, even as markets broadly positioned for a pause in the Fed\u2019s rate hike cycle next month.\u00a0Focus this week is also on the of the Fed\u2019s May meeting for more cues on policy.\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Most Asian currencies moved in a flat-to-low range on Tuesday, while the dollar crept higher as markets awaited more cues on negotiations between U.S. lawmakers over raising the debt ceiling and avoiding a default. fell 0.2% and was trading near a six-month low to the dollar amid continued uncertainty over a slowing economic […]<\/p>\n","protected":false},"author":1,"featured_media":12415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-12414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nAsia FX weakens, dollar firms as focus remains on debt ceiling talks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Most Asian currencies moved in a flat-to-low range on Tuesday, while the dollar crept higher as markets awaited more cues on 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