financetom
Economy
financetom
/
Economy
/
US Dollar Advances After China Nudges Currency Lower
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US Dollar Advances After China Nudges Currency Lower
Mar 22, 2024 7:41 AM

10:17 AM EDT, 03/22/2024 (MT Newswires) -- The US dollar was broadly higher for a second day as a sharp decline in the Chinese yuan and widespread weakness across other Asia-Pacific currencies featured in global foreign exchange trading Friday.

The People's Bank of China set a lower-than-expected daily fixing for the yuan, often a sign that officials are managing the currency to improve the country's terms of foreign trade as it struggles against a downturn in its economy. China has lowered interest rates and announced a series of stimulus measures this year to help stabilize its ailing property sector.

Elsewhere in the region, the Japanese yen sunk to fresh year-to-date lows despite the country's first interest rate increase this week since 2007, and the New Zealand dollar extended its decline as the country officially fell into recession. On Thursday, New Zealand reported a 0.1% drop in Q4 gross domestic product, following a 0.3% contraction in Q3.

The dollar held its gains in a quiet North American session even though US Treasury rates continued to fall following Fed Chair Powell's pledge Wednesday to ease monetary policy later this year.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Fed's Bostic says first rate cut should come in Q4 of this year
Fed's Bostic says first rate cut should come in Q4 of this year
Apr 3, 2024
(Reuters) - The Federal Reserve should not cut its benchmark interest rate until the end of this year, Atlanta Fed President Raphael Bostic said on Wednesday, as he maintained his view that the U.S. central bank should reduce borrowing costs only once over the course of 2024. We've seen inflation kind of become much more bumpy, Bostic said in an...
US service sector expands moderately in March; price pressures easing
US service sector expands moderately in March; price pressures easing
Apr 3, 2024
WASHINGTON (Reuters) - U.S. services industry growth slowed further in March, while a measure of prices paid by businesses for inputs dropped to a four-year low, which bodes well for the inflation outlook. The Institute for Supply Management (ISM) said on Wednesday that its non-manufacturing PMI fell to 51.4 last month from 52.6 in February. It was the second straight...
US private payrolls beat expectations in March
US private payrolls beat expectations in March
Apr 3, 2024
WASHINGTON (Reuters) - U.S. private payrolls increased more than expected in March, pointing to continued labor market strength. Private payrolls rose by 184,000 jobs last month after advancing by an upwardly revised 155,000 in February, the ADP Employment report showed. Economists polled by Reuters had forecast private employment increasing by 148,000 last month compared to the previously reported 140,000 in...
Fed blocks tough climate risk proposal by global banking watchdog, Bloomberg reports
Fed blocks tough climate risk proposal by global banking watchdog, Bloomberg reports
Apr 3, 2024
April 3 (Reuters) - The U.S. Federal Reserve has blocked a push by a global banking watchdog to make climate risk a focus of financial rules, Bloomberg News reported on Wednesday, citing people familiar with the matter. The Basel Committee on Banking Supervision had proposed that starting January 2026, banks publish detailed information about the impact of climate change on...
Copyright 2023-2025 - www.financetom.com All Rights Reserved