{"id":6088,"date":"2023-05-09T03:27:33","date_gmt":"2023-05-09T07:27:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/asia-fx-dips-after-chinese-imports-disappoint-dollar-rises\/"},"modified":"2023-05-09T03:27:34","modified_gmt":"2023-05-09T07:27:34","slug":"asia-fx-dips-after-chinese-imports-disappoint-dollar-rises","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6088","title":{"rendered":"Asia FX dips after Chinese imports disappoint, dollar rises"},"content":{"rendered":"
\n

Investing.com — Most Asian currencies retreated on Tuesday tracking softer-than-expected Chinese import data, while the dollar firmed ahead of more cues on the U.S. economy from key inflation data due this week.<\/p>\n

fell 0.1% as data showed China\u2019s fell more than expected in April, indicating that local demand in the country remained dim despite a post-COVID reopening.<\/p>\n

While grew more than expected, they still expanded at a slower pace from the prior month, further pointing to a mixed economic recovery in the country as the local manufacturing sector struggles.<\/p>\n

Weak Chinese demand also bodes poorly for countries with large trade exposure to China. A slew of Southeast Asian currencies softened on that notion, with the and the losing 0.6% and 0.4%, respectively.<\/p>\n

A deepening also weighed on the peso.<\/p>\n

Broader Asian currencies also fell, with caution kicking in before key U.S. inflation data on Wednesday. The lost 0.2%, while the fell 0.1%.<\/p>\n

The was flat as data showed the country’s slowed in the first quarter of 2023, amid increasing pressure from and .<\/p>\n

The was flat after tumbling sharply from a near two-month high hit earlier in May. Bank of Japan Governor Kazuo Ueda reiterated that monetary policy is likely to remain dovish in the near-term, heralding little support for the yen.<\/p>\n

and also slowed in March, data showed on Tuesday, indicating continued pressure on the Japanese economy.<\/p>\n

Safe haven demand for the Japanese currency was hit by easing fears of a U.S. banking crisis, as a showed that the recent collapse of several banks had a limited impact on loan activity.<\/p>\n

Treasury Secretary Janet Yellen also said that U.S. bank deposits had largely stabilized from the turmoil seen earlier in the year.<\/p>\n

The dollar firmed on this notion, with the and rising 0.1% each in Asian trade, extending gains from the overnight session.<\/p>\n

due Wednesday is expected to show that price pressures eased slightly in April from the prior month. But any signs of stubborn inflation could elicit a hawkish response from the Fed, which recently flagged a more data-driven approach to .<\/p>\n<\/div>\n

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

Investing.com — Most Asian currencies retreated on Tuesday tracking softer-than-expected Chinese import data, while the dollar firmed ahead of more cues on the U.S. economy from key inflation data due this week. fell 0.1% as data showed China\u2019s fell more than expected in April, indicating that local demand in the country remained dim despite a […]<\/p>\n","protected":false},"author":1,"featured_media":6089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-6088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nAsia FX dips after Chinese imports disappoint, dollar rises | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Most Asian currencies retreated on Tuesday tracking softer-than-expected Chinese import data, while the dollar firmed ahead of more 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