{"id":3509,"date":"2023-10-20T04:34:43","date_gmt":"2023-10-20T04:34:43","guid":{"rendered":"https:\/\/infundpros.com\/markets\/currencies\/asia-fx-muted-as-powell-comments-offer-little-cheer-dollar-steadies\/"},"modified":"2023-10-20T04:34:44","modified_gmt":"2023-10-20T04:34:44","slug":"asia-fx-muted-as-powell-comments-offer-little-cheer-dollar-steadies","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3509","title":{"rendered":"Asia FX muted as Powell comments offer little cheer, dollar steadies"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies kept to a tight range on Friday, while the dollar steadied following somewhat mixed comments from Federal Reserve Chair Jerome Powell on the path of interest rates.\u00a0<\/p>\n

Persistent concerns over the Israel-Hamas war also kept traders largely wary of risky assets, especially amid growing fears over a bigger conflict in the Middle East.\u00a0<\/p>\n

Powell\u2019s comments were seen as somewhat dovish, as the Fed Chair said that a recent spike in bond yields was helping tighten financial conditions, lessening the need for more rate hikes.\u00a0<\/p>\n

But Powell still left the door open for at least one more rate hike this year, amid resilience in the U.S. economy and sticky inflation levels.\u00a0<\/p>\n

The and logged some losses after Powell\u2019s speech, but steadied in Asian trade on Friday. The greenback was still set to close the week about 0.4% lower, as traders locked in some recent profits.<\/p>\n

U.S. Treasury yields also saw extended losses on Friday as a recent rally paused, although the remained within spitting distance of the 5% level.\u00a0<\/p>\n

Regional currencies saw some relief in overnight trade as the dollar retreated. But this was limited, with most units moving in a flat-to-low range on Friday. Most currencies were also set to end the week unchanged.<\/p>\n

The was flat after data showed that grew more than expected in September.\u00a0<\/p>\n

While overall inflation still eased, a core reading followed by the Bank of Japan remained near 40-year highs, indicating that underlying inflation still remained largely elevated.\u00a0<\/p>\n

The fell slightly, with any overnight gains being largely offset by higher oil prices. The rose 0.2%, but was down for a second consecutive week.<\/p>\n

The fell 0.1%, tracking recent declines in commodity prices. But the dollar was also set to add 0.5% this week, as it recovered from a near one-year low hit earlier in October.<\/p>\n

Chinese yuan flat as PBOC keeps rates on hold\u00a0<\/h2>\n

The fell slightly on Friday as the People\u2019s Bank of China held its benchmark at record lows.\u00a0<\/p>\n

The move came as data earlier this week showed some improvement in Chinese through the third quarter. But this was insufficient in boosting the yuan, which remained close to a near 16-year low hit earlier in October.\u00a0<\/p>\n

Fears of a major default in China\u2019s property market, coupled with a growing trade tiff with the U.S. were a major weight on the yuan in recent sessions. Focus was squarely on embattled developer Country Garden <\/span><\/span> Holdings (HK:), which appeared to have missed a key repayment deadline for its offshore bonds this week.<\/p>\n<\/div>\n

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

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