{"id":3315,"date":"2023-10-19T17:44:15","date_gmt":"2023-10-19T17:44:15","guid":{"rendered":"https:\/\/infundpros.com\/markets\/currencies\/asia-fx-nurses-steep-losses-as-dollar-firms-before-powell-speech\/"},"modified":"2023-10-19T17:44:15","modified_gmt":"2023-10-19T17:44:15","slug":"asia-fx-nurses-steep-losses-as-dollar-firms-before-powell-speech","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3315","title":{"rendered":"Asia FX nurses steep losses as dollar firms before Powell speech"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies were muted on Thursday, nursing steep overnight losses as the dollar firmed tracking a spike in Treasury yields before a closely-watched address by Federal Reserve Chair Jerome Powell.<\/p>\n

Sentiment remained frail amid little signs of deescalation in the Israel-Hamas war, which kept traders wary of risk-driven assets. This was exacerbated by a rout in the bond market, as traders positioned for higher interest rates.\u00a0<\/p>\n

The dollar benefited from this uncertainty, with the and gaining slightly in Asian trade. Both instruments rose about 0.3% in overnight trade, and were within sight of a 11-month peak.\u00a0<\/p>\n

Focus is now squarely on a speech by at the Economic Club of New York later in the day. Given the recent rise in inflation, Powell is widely expected to reiterate his stance on higher-for-longer interest rates.\u00a0<\/p>\n

In Asia, the was muted on Thursday after tumbling close to the 150 level against the dollar- which markets believe could attract currency market intervention by the government.<\/p>\n

The yen took little support from data showing an unexpected improvement in Japan\u2019s , given that also plummeted past expectations. Focus this week is now on , due Friday, which is likely to factor into the Bank of Japan\u2019s plans to tighten monetary policy.\u00a0<\/p>\n

The was the worst performer for the day, losing 0.6% as data showed some cooling in the country\u2019s . Any further cooling is likely to give the Reserve Bank of Australia less impetus to raise interest rates.\u00a0<\/p>\n

The shed 0.2% as the kept interest rates on hold for a fifth straight meeting. The was flat, but trading within sight of record lows as a spike in oil prices pressured the South Asian currency.<\/p>\n

Chinese yuan frail as property market jitters offset GDP cheer\u00a0<\/h2>\n

The traded sideways on Thursday after the People\u2019s Bank made no changes to its daily midpoint from the prior session.<\/p>\n

While the currency had taken some support from data showing that China\u2019s in the third quarter, it had swiftly reversed course amid growing concerns over a property market default in the country. The yuan was trading close to annual lows, comfortably above the 7.3 level against the dollar.<\/p>\n

Beleaguered developer Country Garden <\/span><\/span> Holdings (HK:) appeared to have missed a key coupon payment on its offshore bond holdings, potentially heralding a default on its foreign debt. Such an event could trigger a string of defaults for the developer and trigger a massive debt restructuring for China\u2019s property market.\u00a0\u00a0<\/p>\n

A massive default in China’s property market bodes poorly for the economy, given that the market accounts for roughly a quarter of local economic activity.<\/p>\n

Focus this week is also on a decision by the PBOC, although the bank is widely expected to keep rates unchanged.<\/p>\n<\/div>\n

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

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