{"id":55560,"date":"2023-09-01T02:14:53","date_gmt":"2023-09-01T06:14:53","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/asia-fx-muted-dollar-steadies-ahead-of-nonfarm-payrolls\/"},"modified":"2023-09-01T02:14:55","modified_gmt":"2023-09-01T06:14:55","slug":"asia-fx-muted-dollar-steadies-ahead-of-nonfarm-payrolls","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55560","title":{"rendered":"Asia FX muted, dollar steadies ahead of nonfarm payrolls"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies moved in a flat-to-low range on Friday, while the dollar steadied after an overnight recovery as markets awaited key U.S. nonfarm payrolls data due later in the day.<\/p>\n

The dollar rebounded from a three-week low on Thursday after data showed that grew much more than expected in July, pointing to continued upside for U.S. inflation.\u00a0<\/p>\n

But the greenback was still set to snap a six-week gaining streak, as a batch of weak economic readings fueled bets that the in September.<\/p>\n

Overnight strength in the dollar weighed on most Asian currencies, while traders also shied away from risk-driven assets before the reading. Any signs of strength in the labor market gives the Fed more impetus and headroom to keep raising interest rates, which bodes poorly for Asian markets.\u00a0<\/p>\n

The and both traded sideways in Asian trade, and were set to lose about 0.4% each this week.<\/p>\n

\u00a0Most Asian currencies moved in a flat-to-low range. The was muted after data showed local shrank further in August.\u00a0<\/p>\n

The sank 0.3% ahead of a next week, where the central bank is widely expected to keep rates on hold amid easing inflation.<\/p>\n

The was among the few outliers for the day, rising 0.4% after data showed the country\u2019s and shrank less than expected in August.\u00a0<\/p>\n

The rose 0.1% after data on Thursday showed the grew a bigger-than-expected 7.8% in the June quarter. But analysts expect this trend to slow in the coming quarters after inflation saw a resurgence in July.\u00a0<\/p>\n

Chinese yuan sees little support from rate cut, positive PMI data<\/h2>\n

The fell 0.1% in volatile trade on Friday. The currency had opened as much as 0.6% higher after the People\u2019s Bank of China cut the required to be held by local banks.<\/p>\n

The move was intended to free up more dollar reserves in Chinese markets, supporting the yuan against increasing economic headwinds. But it also signaled to markets that the PBOC was willing to absorb more yuan liquidity, which could keep traders selling the Chinese currency. This saw the yuan reverse all early gains and trade lower by 00:20 ET (04:20 GMT).<\/p>\n

A private survey showed on Friday that unexpectedly grew in August, helped by a recovery in local demand. But the broader outlook for the Chinese economy, and in turn the yuan, still remains dour as a post-COVID economic recovery slows.<\/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 Friday, while the dollar steadied after an overnight recovery as markets awaited key U.S. nonfarm payrolls data due later in the day. The dollar rebounded from a three-week low on Thursday after data showed that grew much more than expected in July, pointing to continued […]<\/p>\n","protected":false},"author":1,"featured_media":1276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-55560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nAsia FX muted, dollar steadies ahead of nonfarm payrolls | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Most Asian currencies moved in a flat-to-low range on Friday, while the dollar steadied after an overnight recovery as markets awaited key\" \/>\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=55560\" \/>\n<meta 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