Forex News

Asia FX turns cautious ahead of U.S. payrolls, dollar hits 3-mth low

2022.12.01 23:26



© Reuters.

By Ambar Warrick 

Investing.com– Most Asian currencies moved little on Friday as caution kicked in ahead of U.S. payrolls data that is likely to affect monetary policy, although dovish signals from the Federal Reserve pushed the dollar to a three-month low.

Regional currencies were also set for strong gains this week as the Federal Reserve flagged smaller interest rate hikes in the coming months- a scenario that is positive for risk-driven assets.

The rose 0.1%, and was the best performing Asian currency this week, up nearly 3% at a three-and-a-half-month high of 135.19 as it recovered further from a 30-year low.

The fell 0.2%, although speculation that China will relax its strict anti-COVID policies saw the currency set for a 1.7% gain this week.

Growing public discontent with the country’s anti-COVID restrictions sparked a wave of unprecedented protests in the country this week, which also saw the government loosen some quarantine and movement measures in two major cities.

Weak , which highlighted even more pressure on the Chinese economy in recent months, also drummed up hopes that the government will be forced into relaxing its COVID policies. But Beijing has given no official word on such a move. 

Broader Asian currencies were muted on Friday. The rose 0.4% and was set to add 2.6% this week, while the headed for a weekly gain of 1.3%.

The and both moved little on Friday, but were set to lose 1.1% this week, their second straight week of losses. 

Focus is now on U.S. data due later in the day, which is expected to show that the country’s jobs market cooled slightly in November. The Fed has also targeted some cooling in the labor market as part of its measures against inflation this year.

But Powell warned that U.S. interest rates could peak at higher-than-expected levels, especially if inflation remains stubbornly high in the country. 

, which is the Fed’s preferred gauge of price pressures, was steady at an annualized rate of 6% in October, data showed on Thursday, remaining well above the Fed’s 2% target. 

In Southeast Asia, the was the best performer this week with a 2.6% gain following an interest rate hike and more hawkish signals from the . 

The jumped 0.8% and was the best performer on Friday after strong inflation readings for November suggested that the central bank will keep raising interest rates. 

 



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 95,941.71 0.34%
ethereum
Ethereum (ETH) $ 3,484.81 4.79%
tether
Tether (USDT) $ 1.00 0.11%
solana
Solana (SOL) $ 242.32 2.63%
bnb
BNB (BNB) $ 648.57 0.46%
xrp
XRP (XRP) $ 1.47 8.25%
dogecoin
Dogecoin (DOGE) $ 0.404526 2.66%
usd-coin
USDC (USDC) $ 1.00 0.13%
cardano
Cardano (ADA) $ 1.00 2.03%
staked-ether
Lido Staked Ether (STETH) $ 3,480.19 4.61%
avalanche-2
Avalanche (AVAX) $ 42.06 5.30%
tron
TRON (TRX) $ 0.199022 3.07%
the-open-network
Toncoin (TON) $ 6.14 0.63%
stellar
Stellar (XLM) $ 0.516824 5.01%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 3.48%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,111.50 4.53%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,457.58 0.55%
polkadot
Polkadot (DOT) $ 8.53 0.92%
chainlink
Chainlink (LINK) $ 18.09 7.19%
weth
WETH (WETH) $ 3,481.13 4.70%
bitcoin-cash
Bitcoin Cash (BCH) $ 507.43 1.00%
sui
Sui (SUI) $ 3.20 3.42%
pepe
Pepe (PEPE) $ 0.000019 1.40%
near
NEAR Protocol (NEAR) $ 6.65 3.26%
leo-token
LEO Token (LEO) $ 8.33 0.91%
litecoin
Litecoin (LTC) $ 95.64 0.30%
uniswap
Uniswap (UNI) $ 11.69 12.11%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,670.56 4.92%
aptos
Aptos (APT) $ 12.17 1.88%
internet-computer
Internet Computer (ICP) $ 11.77 7.01%
usds
USDS (USDS) $ 1.00 0.32%
hedera-hashgraph
Hedera (HBAR) $ 0.137767 2.67%
crypto-com-chain
Cronos (CRO) $ 0.184788 0.23%
ethereum-classic
Ethereum Classic (ETC) $ 31.34 12.77%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.575321 6.33%
render-token
Render (RENDER) $ 7.84 4.43%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.10%
bittensor
Bittensor (TAO) $ 523.64 3.88%
kaspa
Kaspa (KAS) $ 0.151231 0.89%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.45 1.61%
arbitrum
Arbitrum (ARB) $ 0.921656 11.94%
dai
Dai (DAI) $ 1.00 0.12%
whitebit
WhiteBIT Coin (WBT) $ 24.13 0.41%
celestia
Celestia (TIA) $ 8.12 2.61%
vechain
VeChain (VET) $ 0.041866 3.05%
filecoin
Filecoin (FIL) $ 5.65 3.06%
bonk
Bonk (BONK) $ 0.000045 0.91%
blockstack
Stacks (STX) $ 2.16 10.98%
okb
OKB (OKB) $ 53.74 1.63%
dogwifcoin
dogwifhat (WIF) $ 3.22 3.39%