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Asia FX: Stronger Dollar and Oil weigh on CNY and peers
Developing
In Short: BNY’s Geoff Yu highlights that a stronger US Dollar, higher oil prices, and rising global yields are pressuring Asian currencies and assets, according to [new FXStreet].
The US Dollar remains under pressure as a rallying Japanese Yen outweighs support from hawkish Federal Reserve bets and geopolitical tensions, with USD/JPY weakening further and staying close to seven-month lows at around 154.00.
Gold trades with a positive bias above $4,400 during the Asian session on Tuesday, having snapped a two-day losing streak as a rallying Japanese Yen keeps the US Dollar depressed.
What's confirmed
What's still developing
- BNY’s Geoff Yu highlights that a stronger US Dollar (USD), higher Oil prices and rising global yields are pressuring Asian currencies and assets.
- Next on tap in Oz will be the Westpac’s Consumer Confidence index, housing data, and speeches by the RBA’s Hunter and Hauser USD/JPY weakens further and remains close to the 154.00 neighbourhood, or seven-month lows, ahead of the opening bell in Asia.
- AUD/USD sits above 0.7200 during the Asian session on Tuesday, near its highest level since May 14.
- Meanwhile, US Dollar selling remains unabated despite hawkish Fed expectations and rising geopolitical tensions, lending additional support to the currency pair.
Sources
- FXStreet link