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Dollar slips as China rekindles growth hopes

Sharjah24 – Reuters: The dollar slipped on Monday as investors kept up selling pressure, cutting bets on further dollar gains from rising U.S. rates, while turning hopeful that loosening lockdowns in China can help global growth and exporters’ currencies.
U.S equity futures bounced sharply in the Asia session and pulled the region’s risk-sensitive currencies along for the ride, even as Asia’s stockmarkets wobbled. [MKTS/GLOB]

The Aussie rose 0.5% to $0.7091 and has lifted 3.8% in a week and a half. The kiwi rose 0.8% to $0.6458, a three-week high. [AUD/]

The euro and yen rose, with the Japanese currency up 0.4% to 127.35 per dollar and the euro up 0.2% at $1.0586 following last week’s 1.5% gain on the dollar.

The U.S. dollar index , up about 16% to a two-decade high over the 12 months to the middle of May, was down about 0.23% at 102.680 and has lost roughly 2% in a week.

The safe-haven Swiss franc rose too, holding on to sharp gains made last week – its best since March 2020 – when it climbed from parity on the dollar to about 0.9716 per dollar.

The yuan had its best week since late 2020 last week and firmed to 6.6844 per dollar on Monday. [CNY/]

The Canadian dollar rose for a third straight week last week and was up about 0.4% to C$1.2800 per dollar on Monday. [CAD/]

Sterling leapt nearly 2% last week on the back of stronger-than-expected retail data and markets’ broader re-think on whether global central banks are really lagging much behind the Federal Reserve. It was last up 0.4% at $1.2546. [GBP/]

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