{"id":40961,"date":"2023-07-27T00:37:07","date_gmt":"2023-07-27T04:37:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/asia-fx-rises-as-dollar-sinks-after-fed-rate-hike\/"},"modified":"2023-07-27T00:37:08","modified_gmt":"2023-07-27T04:37:08","slug":"asia-fx-rises-as-dollar-sinks-after-fed-rate-hike","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40961","title":{"rendered":"Asia FX rises as dollar sinks after Fed rate hike"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies rose on Thursday, benefiting from weakness in the dollar after the Federal Reserve hiked interest rates as expected, but also downplayed expectations for a U.S. recession this year.<\/p>\n

The central bank flagged improvements in U.S. inflation, and also said that future rate hikes will be dependent on economic data. But a key point of support for risk-driven markets were comments from Fed Chair Jerome Powell, who said that the central bank no longer expected a U.S. recession this year.<\/p>\n

Dollar retreats as risk appetite improves, Asian currencies rise\u00a0<\/h2>\n

Asian markets benefited from Powell\u2019s comments, while the dollar dipped amid improving risk appetite. The and extended losses into Asian trade, falling about 0.1% each on Thursday.<\/p>\n

The was among the best performers for the day, rallying 0.7% as it rebounded from steep losses in the prior session. The currency was also aided by some speculation that the Reserve Bank could still hike interest rates further this year.\u00a0<\/p>\n

The rose 0.3% following a stronger-than-expected daily midpoint fix from the People\u2019s Bank. Data on Thursday also showed that Chinese industrial profits improved slightly in June, although they still fell sharply from the prior year.<\/p>\n

Focus is also on any more upcoming stimulus measures in China, after top government officials vowed to roll out more policy support for the economy.<\/p>\n

The rose 0.3%, extending\u00a0 gains after recent data showed that the country\u2019 economy grew slightly more than expected in the second quarter.<\/p>\n

Among risk-heavy Southeast Asian currencies, the rallied 1.5%, amid reports that the Malaysian central bank was intervening in currency markets to stem further weakness in the ringgit.<\/p>\n

Japanese yen ticks higher ahead of BOJ<\/h2>\n

The rose 0.2% to a one-week high against the dollar, ahead of a widely-anticipated (BOJ) meeting on Friday.<\/p>\n

A majority of analysts expect the bank to hold interest rates at record lows and maintain its yield curve control policy.<\/p>\n

But a small group of investment banks warned that the BOJ could potentially shock markets with a change to its yield curve control policy, amid sticky Japanese inflation and laggard wage growth.<\/p>\n

The yen has also faced increasing headwinds from a widening gap between U.S. and Japanese interest rates- a trend which has pushed up Japanese inflation, and could also spur policy tightening by the BOJ.\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 rose on Thursday, benefiting from weakness in the dollar after the Federal Reserve hiked interest rates as expected, but also downplayed expectations for a U.S. recession this year. The central bank flagged improvements in U.S. inflation, and also said that future rate hikes will be dependent on economic data. But a […]<\/p>\n","protected":false},"author":1,"featured_media":797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-40961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nAsia FX rises as dollar sinks after Fed rate hike | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Most Asian currencies rose on Thursday, benefiting from weakness in the dollar after the Federal Reserve hiked interest rates as expected,\" \/>\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=40961\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asia FX rises 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