Create Account

Yuan up against USD in hopes of easing Covid curbs

Loading exchange rates…


The Chinese Yuan rose against the U.S. Dollar on Tuesday in hopes China's strict Covid restrictions may be eased following recent protests.


China is set to accelerate Covid vaccines for the elderly, according to health officials, a major obstacle in efforts to relax the country's zero-Covid policy.


The offshore Yuan increased 0.9% against the greenback to 7.1850 a Dollar, whereas the onshore Yuan edged up 0.6% to 7.1666 per Dollar.


"People are getting quite excited about some sort of reopening," said the head of Asia FX strategy at RBC Capital Markets, Alvin Tan.


After rallying in the previous session, the Dollar moved down 0.4% to 106.19, Reuters news agency reports.


There were gains for the Australian Dollar, up 1.2% to $0.6734, whilst the New Zealand Dollar rose 1.3% to $0.6239.


Elsewhere, the Sterling registered a 0.7% increase to $1.2043, and the Japanese Yen was 0.75% higher at 138.19 per Dollar at the time of writing.


Moreover, the Euro rose 0.4% to $1.0380, not too far short of a five-month high reached on Monday of $1.0497.


Overnight, President of the European Central Bank, Christine Lagarde, said eurozone inflation hadn't yet peaked and could edge higher than forecast, signalling more rate hikes are in the pipeline.


November's flash eurozone inflation stats are due to be published on Wednesday, and according to economists surveyed by Reuters, inflation is forecast at 10.4% year-on-year.


Yesterday, the latest figures revealed Spain's consumer prices rose 6.8% in the year to November, slower than the 7.3% in October. Germany's inflation figures will be published on Tuesday.


"The consensus is for German headline inflation to stabilise at 10.4% and eurozone figures to slow slightly tomorrow," said Francesco Pesole, ING FX strategist.


"It's difficult to see this significantly altering the ECB's narrative, but an above-consensus print may prompt markets to seriously consider a 75-basis point hike in December."

Euro’s slide slows as French bond markets stabilise

The Euro was on track for a fifth consecutive weekly decline on Friday, although signs emerged that selling pressure was easing as France’s bond market stabilised and falling US Treasury yields tempered the Dollar’s rally.
Click here

Pound dips as markets await Bailey’s rate clues

The British Pound edged lower against both the US Dollar and Euro on Thursday, as investors awaited a speech by Bank of England Governor Andrew Bailey that could provide clues about the central bank’s next interest rate decision.
Click here

Dollar advances as oil tops $100 and Fed takes centre stage 

The US Dollar edged higher on Wednesday, supported by rising oil prices, as investors awaited the Federal Reserve’s meeting minutes and comments from policymakers for clues about the outlook for interest rates.
Click here

Euro rout deepens as France’s fiscal risks intensify

The Euro fell sharply on Monday to a 17-month low as mounting fiscal concerns in France, coupled with a severe sell-off in the bond market, raised fears of contagion across the region.
Click here

Greenback surges to 17-month high as bond selloff rattles Euro

The US Dollar was on track for a third consecutive weekly gain on Friday, supported by a global bond selloff fuelled by inflation concerns over higher oil prices and mounting worries about France’s fiscal position. Meanwhile, the Euro remained near a 17-month low.
Click here

Dollar hits fresh three-month high as yields support greenback

The US Dollar climbed to a more than three-month high on Thursday, underpinned by a sustained rise in US Treasury yields. The increase in yields has been partly fuelled by concerns that the US-Israeli conflict with Iran could keep global price pressures elevated.
Click here

create account

Corporate Client
Private Client

Contact Us

deVere FX Queries

6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,

J. Balcikonio str. 9,
LT- 08314, Vilnius,
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.

Enquiries

deVere FX Queries

6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
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.