By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Forex > Asia FX rises, Chinese yuan surges amid intervention reports
Forex

Asia FX rises, Chinese yuan surges amid intervention reports

News Room
Last updated: 2023/07/20 at 1:18 AM
By News Room
Share
3 Min Read
SHARE

Investing.com– Most Asian currencies rose on Thursday as a rebound in the dollar paused, while the Chinese yuan shot up amid reports of government intervention to support the battered currency.

Contents
Australian dollar rallies as labor data cheers RBA hawks U.S. dollar steadies, Fed awaited 

The surged 0.7%, with a stating that China’s biggest state-owned banks were seen selling dollars for yuan in the offshore spot market in early trade. 

The People’s Bank of China also kept its benchmark on hold on Thursday, and loosened a cross-border financing rule that is expected to ease pressure on the yuan.

The currency was among the best performing Asian units for the day, with the also strengthening about 0.7% to the dollar. Reported intervention by the Chinese government comes as signs of slowing economic growth in China weighed on the yuan this week.

Data released on Monday showed that barely grew in the second quarter. 

Concerns over China had pulled most Asian currencies lower this week, even as the government vowed more fiscal support for a slowing economic recovery. But Asian currencies recovered some lost ground on Thursday. 

The rose 0.3% after coming close to hitting the 140 level against the dollar in overnight trade. The currency was also supported by data showing that Japan logged an unexpected in June. 

The rose 0.2%, while the rose 0.1%.

Australian dollar rallies as labor data cheers RBA hawks 

The surged 0.8% on Thursday, reversing three sessions of losses as data showed the country’s grew more than expected in June.

Strength in the labor market factors into higher , which gives the Reserve Bank more cause and space to keep raising interest rates- a scenario that bodes well for the Australian currency.

While the bank had kept rates steady, the released this week showed that it was still considering more rate hikes, given sticky inflation levels and a robust jobs market.

U.S. dollar steadies, Fed awaited 

The U.S. dollar retreated slightly in Asian trade after marking a strong rebound in the past three sessions. The and fell about 0.2% each.

Traders began building positions in the dollar ahead of a , with the central bank widely expected to raise rates by 25 basis points. 

But focus remains largely on whether the Fed will signal an extended pause in its rate hike cycle, given recent softness in U.S. inflation.

Read the full article here

News Room July 20, 2023 July 20, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
US set to ban Chinese technology in submarine cables

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Donald Trump attacks own supporters over Jeffrey Epstein conspiracies

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Dollar falls after Trump asks lawmakers if he should fire Jay Powell

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Israel strikes Syrian military headquarters in Damascus

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Morgan Stanley says wealthy clients ‘bought the dip’ amid tariff turmoil

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

- Advertisement -
Ad imageAd image

You Might Also Like

Forex

Thailand’s weakening baht not all bad for economy – PM

By News Room
Forex

Sterling hits multi-month low, Fed holds rates steady amid inflation concerns

By News Room
Forex

Dollar index on verge of forming bullish ‘golden cross’ – BofA

By News Room
Forex

Japan warns against post-Fed yen slide

By News Room
Forex

Asian currencies stumble amid rising U.S. dollar and hawkish Federal Reserve stance

By News Room
Forex

Asian currencies under pressure due to Federal Reserve’s stance, says HSBC

By News Room
Forex

Dollar rallies, yen under pressure ahead of BOJ rate decision

By News Room
Forex

Gambia’s dalasi remains Africa’s strongest currency amid tourism and remittance inflows

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?