{"id":7411,"date":"2023-10-31T04:52:15","date_gmt":"2023-10-31T04:52:15","guid":{"rendered":"https:\/\/infundpros.com\/markets\/currencies\/asia-fx-spooked-by-weak-chinese-pmi-yen-slides-on-dovish-boj\/"},"modified":"2023-10-31T04:52:16","modified_gmt":"2023-10-31T04:52:16","slug":"asia-fx-spooked-by-weak-chinese-pmi-yen-slides-on-dovish-boj","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7411","title":{"rendered":"Asia FX spooked by weak Chinese PMI, yen slides on dovish BOJ"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies fell on Tuesday as Chinese economic data showed an unexpected decline in business activity, while the Japanese yen tumbled after the Bank of Japan maintained its ultra-dovish course.\u00a0<\/p>\n

Investors also remained largely on edge before the conclusion of a on Wednesday. The and both strengthened slightly in Asian trade after logging some overnight losses.\u00a0<\/p>\n

But the greenback still retained a bulk of recent gains, with focus squarely on the Fed. While the central bank is expected to keep rates on hold, it is also likely to reiterate its higher-for-longer stance on interest rates- a scenario that bodes well for the dollar and poorly for risk-driven Asian currencies.\u00a0<\/p>\n

Yen tumbles as BOJ maintains dovish course<\/h2>\n

The slid 0.6%, crossing 150 once again after the BOJ , and only made minimal changes to its yield curve control (YCC) policy.<\/p>\n

The central bank said it will allow some more flexibility in its YCC, potentially letting bond yields move above their 1% cap. But this largely disappointed markets hoping for a more aggressive move by the BOJ.<\/p>\n

trimmed some gains after the move, and fell further away from the 1% ceiling.<\/p>\n

Weak economic data also weighed on the yen, after readings on both and disappointed for September.\u00a0<\/p>\n

The BOJ also forecast higher inflation and worsening economic conditions in the coming years, and that it will continue with its pace of quantitative easing in the near-term.\u00a0<\/p>\n

Chinese yuan inches lower on weak PMIs<\/h2>\n

The fell slightly as headwinds from disappointing data were somewhat offset by a stronger daily midpoint fix by the People\u2019s Bank of China.\u00a0<\/p>\n

Purchasing managers index data showed that China\u2019s contracted in October, while growth in the slowed substantially.\u00a0<\/p>\n

The readings indicated that recent government stimulus measures had provided only limited relief to the economy, and that more support was needed.\u00a0<\/p>\n

Activity was also hit by worsening economic conditions in China\u2019s biggest trading partners.<\/p>\n

The and , both of which are heavily exposed to China, sank 0.5% after the PMI reading. Most Southeast Asian units also clocked heavy losses, with the losing 0.2%.<\/p>\n

The was among the few outliers for the day, trading flat as pressure from the dollar was offset by a decline in oil prices, which benefited the rupee. Still, it remained close to record lows.<\/p>\n<\/div>\n

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

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