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USD recovers losses; Yuan hits two-month low

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The US Dollar pared some of its recent losses on Thursday, whilst China’s Yuan fell to a two-month low on reports of weakness in the country’s post-pandemic recovery.


The greenback had fallen against the Yen in early trading as a US inflation slowdown boosted confidence the Federal Reserve was at the end of its rate hike stance.


Yet these losses were recovered against the Euro and Australian Dollar on the release of data from China showing inflation was close to flatlining in April, following a previous drop in imports.


The onshore Yuan declined to a low of 6.9413 per Dollar, Reuters news agency reports, a level not registered since 10th March.


Elsewhere, the Pound dipped to $1.2616 on Thursday, a slight fall from the one-year high hit on Wednesday of $1.2679. The Bank of England is set to release its policy decision on Thursday, with forecasts of a 12th consecutive rate rise.


“The market is trying to assess which economy is going to slow down quicker and is undecided how to read the latest data,” said National Australia Bank senior FX strategist Rodrigo Catril.


“US CPI was encouraging, and should be Dollar negative, but China CPI is a reminder of the ongoing issues there.”


The Dollar was down 0.15% at 134.185 Yen after previously falling 0.37% to 133.895.


In addition, the Dollar index – measuring the currency against six major rivals – rose 0.05% to 101.46.


The Euro declined 0.04% to $1.09775, close to the middle of its trading range over the last month, the Reuters report adds.


In Australia, the Dollar fell 0.04% to $0.6776, moving away from the two-and-a-half-month top on Wednesday of $0.6818. Whereas in New Zealand, the Dollar edged up 0.12% to $0.6375 after reaching close to a three-month high of $0.6384.

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Mauritius,
J. Balcikonio str. 9,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.