{"id":51373,"date":"2023-08-22T00:54:29","date_gmt":"2023-08-22T04:54:29","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/asia-fx-edges-higher-as-dollar-dips-yuan-buoyed-by-intervention\/"},"modified":"2023-08-22T00:54:31","modified_gmt":"2023-08-22T04:54:31","slug":"asia-fx-edges-higher-as-dollar-dips-yuan-buoyed-by-intervention","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51373","title":{"rendered":"Asia FX edges higher as dollar dips, yuan buoyed by intervention"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies rose on Tuesday, taking some relief as the dollar retreated from two-month peaks, while government intervention helped the yuan rise despite increasing economic concerns over China.<\/p>\n

The and fell 0.1% in Asian trade, seeing some degree of profit taking this week, after uncertainty over rising U.S. interest rates pushed the currency to a two-month high.<\/p>\n

But an overnight spike in , to over 20-year highs, presented a strong outlook for the greenback, especially as markets grew anxious ahead of the later this week.<\/p>\n

While most Asian currencies rose on Tuesday, they were still nursing steep losses this year amid persistent concerns over rising U.S. interest rates.<\/p>\n

The rose 0.2%, recovering from a near 10-month low to the dollar, while the rose 0.2%, but remained close to a nine-month low.<\/p>\n

The rose 0.2% as data showed that deteriorated in August, while the added 0.2%.<\/p>\n

Chinese yuan rises on govt support, economic gloom persists\u00a0<\/h2>\n

The rose 0.2% on Tuesday, recovering from a nine-month low after a series of strong daily midpoint fixes by the People\u2019s Bank of China (PBOC).\u00a0<\/p>\n

The currency was also seen benefiting from dollar sales by major Chinese state-owned banks, as the government seeks to stem further weakness in the yuan.<\/p>\n

This notion saw the PBOC cut its by a smaller-than-expected margin on Monday, with the bank looking to maintain a balance between providing more monetary stimulus and preventing further losses in the yuan.\u00a0<\/p>\n

But the lack of monetary stimulus drummed up concerns over a slowing economic recovery in China, which in turn further dented sentiment towards Chinese markets.<\/p>\n

Fears of a Chinese slowdown also kept traders wary of most other Asian currencies.<\/p>\n

Jackson Hole in focus, U.S. yields surge\u00a0<\/h2>\n

An overnight spike in U.S. Treasury yields also dented the outlook for most Asian currencies, as markets positioned for higher U.S. interest rates.\u00a0<\/p>\n

Focus is now squarely on a speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium on Friday, with analysts flagging a potentially hawkish message from the Chair.<\/p>\n

Investment banks warned that the , especially amid sticky U.S. inflation and strength in the labor market.\u00a0<\/p>\n

Rising U.S. rates, or even bode poorly for risk-heavy Asian markets.\u00a0<\/p>\n<\/div>\n

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

Investing.com– Most Asian currencies rose on Tuesday, taking some relief as the dollar retreated from two-month peaks, while government intervention helped the yuan rise despite increasing economic concerns over China. The and fell 0.1% in Asian trade, seeing some degree of profit taking this week, after uncertainty over rising U.S. interest rates pushed the currency […]<\/p>\n","protected":false},"author":1,"featured_media":51374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-51373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nAsia FX edges higher as dollar dips, yuan buoyed by intervention | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Most Asian currencies rose on Tuesday, taking some relief as the dollar retreated from two-month peaks, while government intervention\" \/>\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=51373\" 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