{"id":31462,"date":"2023-07-05T00:42:54","date_gmt":"2023-07-05T04:42:54","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/asia-fx-slips-ahead-of-fed-minutes-dollar-strengthens\/"},"modified":"2023-07-05T00:42:55","modified_gmt":"2023-07-05T04:42:55","slug":"asia-fx-slips-ahead-of-fed-minutes-dollar-strengthens","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31462","title":{"rendered":"Asia FX slips ahead of Fed minutes, dollar strengthens"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies retreated on Wednesday amid more weak economic indicators, while the dollar firmed as markets awaited more cues on U.S. monetary policy from the minutes of the Federal Reserve\u2019s June meeting.<\/p>\n

Softer-than-expected service sector readings from China, Japan and Australia dented appetite for risk-exposed assets, as did increased fears of a renewed trade war between Washington and Beijing.<\/p>\n

Chinese yuan sinks after weak PMI, trade war fears increase\u00a0<\/h2>\n

The was among the worst-performing currencies for the day, down 0.3% and hovering near its worst levels in eight months.<\/p>\n

A showed on Wednesday that China\u2019s service sector grew less than expected in June, with local and foreign demand for Chinese goods remaining weak.<\/p>\n

The reading followed recent data that showed a sustained slowdown in China\u2019s , raising more doubts over an economic recovery in the country.<\/p>\n

Analysts called for more stimulus measures from Beijing to support a recovery, which are likely to increase local liquidity conditions and further weigh on the yuan.\u00a0<\/p>\n

In addition to the weak economic data, China also introduced export curbs on key chipmaking materials to the U.S., raising concerns over worsening trade relations between the world\u2019s largest economies.<\/p>\n

Concerns over China weighed on most Asian currencies, with the down 0.2%, while the slid 0.6%.<\/p>\n

The fell 0.1%, having shrugged off a Reserve Bank decision to this week. But the currency was hit by weaker-than-expected for June.\u00a0<\/p>\n

The fell slightly to the dollar, and remained within sight of the 145 level, which analysts said could invite fresh intervention in currency markets by the government to support the yen.\u00a0<\/p>\n

Recent weakness in the yen prompted repeated warnings from Japanese officials that they could potentially intervene and defend the Japanese currency.<\/p>\n

Dollar boosted by safe haven demand, Fed minutes in focus<\/h2>\n

The dollar strengthened in Asian trade, benefiting from increased safe haven demand, while traders also built positions in the greenback ahead of the due later in the day.\u00a0<\/p>\n

The and rose about 0.1% each. The Fed minutes are expected to shed more light on the central bank\u2019s plans for interest rates this year, after it held rates steady in June but flagged at least two more hikes later in the year.\u00a0<\/p>\n

The prospect of rising U.S. rates bodes poorly for Asian markets, as the gap between risky and low-risk yields narrows.<\/p>\n<\/div>\n

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

Investing.com– Most Asian currencies retreated on Wednesday amid more weak economic indicators, while the dollar firmed as markets awaited more cues on U.S. monetary policy from the minutes of the Federal Reserve\u2019s June meeting. Softer-than-expected service sector readings from China, Japan and Australia dented appetite for risk-exposed assets, as did increased fears of a renewed […]<\/p>\n","protected":false},"author":1,"featured_media":5553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-31462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nAsia FX slips ahead of Fed minutes, dollar strengthens | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Most Asian currencies retreated on Wednesday amid more weak economic indicators, while the dollar firmed as markets awaited more cues on\" \/>\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=31462\" 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