{"id":10488,"date":"2023-11-07T05:54:23","date_gmt":"2023-11-07T05:54:23","guid":{"rendered":"https:\/\/infundpros.com\/markets\/currencies\/asia-fx-sinks-on-fed-china-woes-aussie-slides-after-rba\/"},"modified":"2023-11-07T05:54:24","modified_gmt":"2023-11-07T05:54:24","slug":"asia-fx-sinks-on-fed-china-woes-aussie-slides-after-rba","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10488","title":{"rendered":"Asia FX sinks on Fed, China woes; Aussie slides after RBA"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies fell on Tuesday as a warning from Federal Reserve officials and signs of more economic headwinds for China dented sentiment, while the Australian dollar tumbled after the Reserve Bank struck a seemingly dovish tone.<\/p>\n

The U.S. dollar rebounded from six-week lows, firming in Asian trade after Minneapolis Fed President Neel Kashkari cautioned against too much enthusiasm over an end to the Fed\u2019s rate hike cycle.<\/p>\n

His comments somewhat dented optimism over a potential end to the Fed\u2019s tightening cycle this year, and saw traders step back from a strong rally in risk-driven assets over the past four sessions.\u00a0<\/p>\n

This saw Asian currencies reverse a bulk of their recent gains, with the once again weakening past the 150 level to the dollar. The rate-sensitive lost 0.7%, as did the , while the hovered near record lows.<\/p>\n

Australian dollar plummets on dovish RBA language\u00a0<\/h2>\n

The was by far the worst performer among its peers, down 0.8% after the Reserve Bank of Australia (RBA) as expected, and signaled a more sticky outlook for inflation.<\/p>\n

The hike was driven chiefly by a stronger-than-expected , which reversed a trend of easing inflation seen earlier this year.\u00a0<\/p>\n

But a change in the RBA\u2019s language- particularly with regards to more rate hikes, saw traders betting that the central bank was done with its rate hike cycle.<\/p>\n

Specifically, the RBA offered a more data-driven outlook on future monetary tightening than what it had signaled in the past. Still, Tuesday\u2019s hike put Australian rates at their highest in 12 years.\u00a0<\/p>\n

Chinese trade data disappoints, yuan down<\/h2>\n

The fell 0.1% as data showed that China\u2019s shrank more than expected in October, while the country\u2019s narrowed to its weakest level in 17 months.<\/p>\n

While unexpectedly rose, weakness in exports signals a continued decline in China\u2019s biggest economic engines- its exporters. A bulk of this decline was driven by worsening demand in the country\u2019s biggest export destinations in the West.\u00a0<\/p>\n

Weakness in China bodes poorly for broader Asian markets, which depend on the country as a trading hub. Chinese is due later in the week, and is expected to offer more cues on the Asian giant.\u00a0<\/p>\n

Dollar rebounds as Kashkari warns against Fed pause bets\u00a0<\/h2>\n

The and futures rose 0.2% each in Asian trade, extending an overnight rebound from six-week lows.<\/p>\n

Kashkari warned that while the Fed had made some progress against inflation, it still remained well above the central bank\u2019s 2% target- a trend that could attract more rate hikes.<\/p>\n

He noted that the U.S. economy had proven to be unexpectedly resilient, which in turn could keep inflation underpinned in the coming months.\u00a0<\/p>\n

Prior to Kashkari\u2019s comments, markets were pricing in a that the Fed was done with its rate hike cycle, especially following a weak payrolls reading last week. But traders scaled back bets for a Fed pause on Tuesday.<\/p>\n<\/div>\n

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

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