{"id":13439,"date":"2023-05-25T02:01:54","date_gmt":"2023-05-25T06:01:54","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/asia-fx-weakens-amid-debt-ceiling-woes-dollar-at-two-month-high\/"},"modified":"2023-05-25T02:01:54","modified_gmt":"2023-05-25T06:01:54","slug":"asia-fx-weakens-amid-debt-ceiling-woes-dollar-at-two-month-high","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13439","title":{"rendered":"Asia FX weakens amid debt ceiling woes, dollar at two-month high"},"content":{"rendered":"
\n

Investing.com — Most Asian currencies slid on Thursday, while the dollar hit a two-month high as uncertainty over raising the U.S. debt limit and averting a default saw investors avoid risk-driven assets.<\/p>\n

Worsening sentiment towards China also weighed on regional currencies, amid reports that the country faces a resurgence in COVID-19 cases, which could peak by late-June.\u00a0<\/p>\n

The fell 0.2% to a near six-month low, pushing further below the 7 level after a breach last week. Fears of a renewed COVID outbreak added to concerns over slowing economic growth in the country, after a string of weak readings for April.<\/p>\n

Potentially worsening ties between Beijing and Washington also pressured the yuan.<\/p>\n

Concerns over China spilled over into broader Asian markets, with the down 0.2% as data confirmed that the island state\u2019s in the first quarter, largely in part due to slowing Chinese demand.<\/p>\n

The shed 0.2%, also coming under pressure from its high trade exposure to China, while the dropped 0.5%. The won was also pressured by the holding interest rates steady for a third straight month, with some traders positioning for a possible rate cut later this year.\u00a0<\/p>\n

Broader Asian currencies retreated as fears of a U.S. debt default persisted, with Democrat and Republican lawmakers flagging little progress toward raising the debt limit.<\/p>\n

The latest blow to sentiment came from ratings agency in the event of a default.\u00a0<\/p>\n

The sank 0.2% to a six-month low against the dollar, while the fell 0.1% and traded close to a two-month low.<\/p>\n

The dollar benefited from increased safe haven demand, while traders also dumped treasuries in favor of the greenback. The and rose 0.2% each in Asian trade, and were hovering at two-month highs.<\/p>\n

Mixed signals on monetary policy also supported the greenback, as the of the Federal Reserve\u2019s May meeting showed that interest rates were likely to remain higher for longer.<\/p>\n

show markets were pricing in an over 60% chance the Fed will hold rates in June. But a growing number of participants are also pricing in the possibility of another rate hike.<\/p>\n

Weak risk appetite and high U.S. interest rates pointed to more pressure on Asian currencies in the coming months, continuing a trend seen through 2022.<\/p>\n

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

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

Investing.com — Most Asian currencies slid on Thursday, while the dollar hit a two-month high as uncertainty over raising the U.S. debt limit and averting a default saw investors avoid risk-driven assets. Worsening sentiment towards China also weighed on regional currencies, amid reports that the country faces a resurgence in COVID-19 cases, which could peak […]<\/p>\n","protected":false},"author":1,"featured_media":13440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-13439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nAsia FX weakens amid debt ceiling woes, dollar at two-month high | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Most Asian currencies slid on Thursday, while the dollar hit a two-month high as uncertainty over raising the U.S. debt limit and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=13439\" 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