Forex News

Chinese Yuan Slips, Asia FX Muted as Dollar Steadies

2022.10.25 02:55

[ad_1]



By Ambar Warrick 

Investing.com– China’s yuan led losses across Asian currencies on Tuesday amid growing concerns over Beijing’s political climate, while broader Asian currencies moved little as the dollar steadied from recent losses.

The slipped 0.6% to 7.3084 – its weakest level against the dollar since late-2007. The currency extended its losses from Monday after the People’s Bank of China fixed a softer-than-expected daily midpoint for the currency.

Losses in the yuan were triggered after President Xi Jinping secured a on Sunday, and unveiled a cabinet consisting largely of loyalists. 

The move drove concerns that Xi could now face zero resistance in rolling out disruptive policies, especially after the President reiterated his commitment to maintaining the strict zero-COVID strategy. 

Chinese stocks were also sold off heavily, while the slumped to a record low of 7.3735 on Tuesday. 

Broader Asian currencies fell slightly as the dollar steadied despite growing expectations that weakening economic growth will push the Federal Reserve into softening its hawkish stance. 

While the central bank is still widely expected to in November, traders trimmed their bets that it will enact a similar hike in December. 

Focus is now on U.S. third-quarter this week, which is expected to reflect the impact of rising interest rates on the world’s largest economy. 

The traded sideways on Tuesday, as did . Both indicators appeared to have curbed a 3-day losing streak. 

The hovered around record lows, while the recovered slightly from a 32-year low, amid reports that the government had intervened in currency markets for a second time this year. 

bucked the trend, surging 0.8% as traders positioned for more currency market intervention by the government. The won was trading near 13-year lows. 

The fell 0.1%, even as data showed grew more than expected in September. The Monetary Authority of Singapore also hiked its annual inflation forecast, which likely indicates that the central bank will keep tightening monetary policy in the near-term. 

[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 84,000.51 0.28%
ethereum
Ethereum (ETH) $ 2,305.37 0.83%
tether
Tether (USDT) $ 0.998909 0.02%
xrp
XRP (XRP) $ 2.21 1.64%
bnb
BNB (BNB) $ 604.19 1.34%
solana
Solana (SOL) $ 137.35 4.44%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.207063 4.87%
cardano
Cardano (ADA) $ 0.650918 1.66%
staked-ether
Lido Staked Ether (STETH) $ 2,306.77 0.75%
tron
TRON (TRX) $ 0.227499 2.17%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,984.50 0.44%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,760.28 0.67%
chainlink
Chainlink (LINK) $ 15.19 2.73%
litecoin
Litecoin (LTC) $ 125.64 2.58%
avalanche-2
Avalanche (AVAX) $ 22.44 5.88%
stellar
Stellar (XLM) $ 0.284839 1.47%
sui
Sui (SUI) $ 2.81 0.83%
shiba-inu
Shiba Inu (SHIB) $ 0.000014 4.61%
the-open-network
Toncoin (TON) $ 3.39 0.60%
leo-token
LEO Token (LEO) $ 9.11 1.54%
hedera-hashgraph
Hedera (HBAR) $ 0.19906 4.99%
polkadot
Polkadot (DOT) $ 4.96 5.85%
usds
USDS (USDS) $ 1.00 0.03%
mantra-dao
MANTRA (OM) $ 7.60 5.53%
hyperliquid
Hyperliquid (HYPE) $ 20.25 6.91%
weth
WETH (WETH) $ 2,307.11 1.00%
bitcoin-cash
Bitcoin Cash (BCH) $ 296.74 3.37%
ethena-usde
Ethena USDe (USDE) $ 0.999005 0.02%
bitget-token
Bitget Token (BGB) $ 4.12 4.91%
uniswap
Uniswap (UNI) $ 7.95 3.04%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,446.73 0.51%
monero
Monero (XMR) $ 209.90 1.38%
whitebit
WhiteBIT Coin (WBT) $ 26.25 0.04%
near
NEAR Protocol (NEAR) $ 3.07 5.38%
aptos
Aptos (APT) $ 6.13 8.74%
pepe
Pepe (PEPE) $ 0.000008 5.79%
dai
Dai (DAI) $ 0.999439 0.04%
internet-computer
Internet Computer (ICP) $ 6.60 6.42%
ondo-finance
Ondo (ONDO) $ 0.972087 3.67%
aave
Aave (AAVE) $ 203.04 4.53%
bittensor
Bittensor (TAO) $ 346.55 0.85%
susds
sUSDS (SUSDS) $ 1.04 0.06%
ethereum-classic
Ethereum Classic (ETC) $ 18.67 2.44%
okb
OKB (OKB) $ 45.76 3.00%
gatechain-token
Gate (GT) $ 21.28 2.09%
mantle
Mantle (MNT) $ 0.757222 2.38%
official-trump
Official Trump (TRUMP) $ 12.71 1.04%
tokenize-xchange
Tokenize Xchange (TKX) $ 30.31 2.53%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,153.55 0.80%