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LONDON – The yuan and Australian dollar ascended to three-month peaks today, buoyed by strategic moves from China’s central bank and a softening U.S. dollar, which hit a two-month low with the falling to 103.64. This comes as market consensus grows around the belief that U.S. interest rates may have topped out following recent weak economic indicators.
The Federal Reserve’s potential shift in monetary policy is under scrutiny, with futures signaling a 30% chance of rate reductions starting by March 2023, according to the CME FedWatch Tool.
Amidst these developments, the euro and sterling also made gains against the U.S. dollar, reaching $1.0924 and $1.2475 respectively. The yen saw an uplift trading below 150 per dollar, while the New Zealand dollar reached $0.60235.
Investors are bracing for more insights this week with the release of the Fed meeting minutes and euro zone flash PMI data, which are expected to shed light on future market dynamics.
Meanwhile, China’s decision to hold its benchmark lending rates steady despite challenges in its economic recovery has influenced currency valuations, contributing to regional currency adjustments and supporting the yuan’s strong position.
The market is closely watching for further economic clarity from upcoming data releases and central bank communications, which could confirm or adjust current expectations regarding global monetary policies.
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