{"id":2004371,"date":"2023-08-17T23:29:01","date_gmt":"2023-08-18T03:29:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dollar-set-for-fifth-winning-week-on-fed-bets-pboc-supports-yuan\/"},"modified":"2023-08-17T23:30:39","modified_gmt":"2023-08-18T03:30:39","slug":"dollar-set-for-fifth-winning-week-on-fed-bets-pboc-supports-yuan","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dollar-set-for-fifth-winning-week-on-fed-bets-pboc-supports-yuan\/","title":{"rendered":"Dollar poised for 5th weekly gain on Fed expectations, PBOC backs yuan."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdollar-set-for-fifth-winning-week-on-fed-bets-pboc-supports-yuan%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2004371&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>By Kevin\u2062 Buckland<\/strong><\/p>\n<p><strong>TOKYO (Reuters) \u2013<\/strong> The dollar is on a winning streak, heading for its fifth consecutive week\u2062 of \u200dgains against major peers. This is the longest winning streak in 15 months. The resilience of \u200cthe U.S. economy is making a case for higher interest \u2064rates, while\u2064 China&#8217;s struggling recovery is driving demand for the safety \u2063of the U.S. currency.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>However, on Friday, the dollar&#8217;s gains were \u200dtrimmed as traders\u2062 remained cautious about the \u2062risk of intervention due to its rally against the\u200b yen. The yuan\u200b also edged up after the People&#8217;s \u2063Bank of China set a daily \u2062fixing\u2062 that was much stronger than expected.<\/p>\n<p>The\u200c U.S. dollar index, which measures the currency \u200dagainst six\u200b developed-market rivals, including the yen and euro, eased 0.14% to 103.26 \u200bin\u200d the Asian morning, after reaching \u200ca two-month \u200bhigh of 103.59 overnight.<\/p>\n<p>For the\u2063 week, it is set\u200b to gain 0.39%.<\/p>\n<p>Minutes from the Federal Reserve&#8217;s last meeting, released on Thursday, showed that most \u2062members of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brazil-central-bank-holds-interest-rates-after-12-straight-increases\/\" title=\"Brazil central bank holds interest rates after 12 straight increases\">rate-setting committee<\/a> see &#8220;significant\u200b upside risks to inflation,&#8221; indicating a\u2062 bias towards \u2062further rate increases.<\/p>\n<p>Strong economic data, particularly\u2062 retail sales, have\u2063 already strengthened \u2064the case\u200c for additional\u2064 tightening.<\/p>\n<p>All of these factors have contributed to pushing\u200d 10-year Treasury yields to\u2064 their\u200c highest level \u200bsince October, \u2062reaching \u20634.328% on \u200bThursday. <\/p>\n<p>&#8220;The market wants \u200bthe Fed to go on hold, but\u200b the \u200ddata just isn&#8217;t supporting that,&#8221; said Tony Sycamore, a\u200b markets analyst at IG.<\/p>\n<p>&#8220;The risk aversion, the\u2063 higher yields,\u200b the resilient economic data&#8230; all of those things have played\u200d out perfectly for the U.S. dollar.&#8221;<\/p>\n<p>Sycamore added that some profit-taking from the dollar&#8217;s rally is expected over the weekend, but \u200ca break above 103.70\u200b next week seems likely, which could lead to tests of the May peak at 104.70 and then 105.88.<\/p>\n<p>Against the yen, the dollar eased 0.22% to 145.515 on\u200c Friday, after reaching a nine-month peak of 146.40 overnight.<\/p>\n<p>Last autumn, the\u200c dollar&#8217;s surge beyond 145 \u200dprompted Japanese authorities to intervene \u2064in the \u200dmarket, \u2062buying \u2064yen for the\u2064 first time in a generation.<\/p>\n<p>The\u200d euro rose 0.2% to $1.0892, bouncing back from Thursday&#8217;s \u2063six-week low of\u2063 $1.08565.<\/p>\n<p>Against the yuan, the dollar edged 0.11% \u200clower to 7.2895 in offshore trading. The Chinese currency received support from the central bank&#8217;s official mid-point setting at 7.2006, \u200dwhich was more than 1,000 pips\u200d stronger than Reuters&#8217; estimate.<\/p>\n<p>In offshore markets, the Chinese \u2064currency hit a\u200c nine-month low of 7.3490 on Thursday.<\/p>\n<p>China&#8217;s economic troubles have deepened, with \u200dproperty developer\u2064 China Evergrande\u2063 seeking Chapter 15 protection in a \u2063U.S. bankruptcy\u2062 court.<\/p>\n<p>Despite <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dollar-set-for-fifth-winning-week-on-fed-bets-pboc-supports-yuan\/\" title=\"Dollar poised for 5th weekly gain on Fed expectations, PBOC backs yuan.\">increasingly grim economic\u2064 outlooks<\/a>, Beijing has\u2062 yet to provide significant stimulus.<\/p>\n<p>The Australian dollar, often\u2063 seen as a proxy for\u2063 China and closely linked to the yuan in recent days, rose 0.25% to $0.6418, continuing its rebound from \u200cThursday&#8217;s nine-month low of $0.6365.<\/p>\n<p>Meanwhile, the world&#8217;s largest cryptocurrency, bitcoin, is struggling near a \u200dtwo-month low following an 8.5% plunge to $26,266 on Thursday. It is currently trading at\u200b $26,609.<\/p>\n<p>&#8220;There comes\u200d a point when it just couldn&#8217;t ignore \u200bthe rise in (U.S. Treasury) yields any longer,&#8221; said IG&#8217;s Sycamore, who\u2063 believes \u200bthere is potential for a decline to $24,500.<\/p>\n<p>&#8220;The question is whether you want your assets in a speculative section \u2064of the market during a bond\u200c market \u2062rout.&#8221;<\/p>\n<\/p>\n<p>  (Reporting by Kevin Buckland; Editing \u2062by \u200bJacqueline Wong)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/dollar-set-for-fifth\/attachment\/illustration-picture-of-u-s-dollar-and-chinese-yuan-banknotes\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Prosecutors announce a major break in the murder of Microsoft executive \u200dJared Bridegan. \u200cOne America&#8217;s Taylor Tinsley has\u200c the latest.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>President Robert l. peters\u2063 has some explaining to do while \u200bGeorgia State Senator Colton Moore moves to Defend Trump<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>During his remarks on the one-year anniversary of the so-called \u200c&#8217;Inflation-Reduction\u2064 Act&#8217;, Biden challenged anyone to name a single thing the United States has set\u2063 out to accomplish \u200dunder his Administration and failed.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Former White House Chief of Staff Mark Meadows filed Tuesday to \u200cmove the case brought against him by Fulton County District Attorney Fani Willis to federal court. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By\u2062 Jaspreet Singh and Max A. Cherney (Reuters) \u2062- Semiconductor equipment maker Applied \u200bMaterials on Thursday forecast its fourth-quarter profit\u200b would be substantially\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) &#8211; Microsoft is planning to start selling a\u200c new version of Databricks software that helps customers make AI apps for their\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Jonathan Stempel\u200b (Reuters) &#8211; \u2064A U.S. federal judge \u2063on Thursday dismissed a lawsuit accusing\u200b YouTube of restricting or removing videos from\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Zeba Siddiqui SAN FRANCISCO (Reuters) &#8211; Google-owned U.S. cybersecurity\u200c firm Mandiant said on Thursday it had seen increasing \u2063use of \u2063artificial intelligence\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The dollar is on track for its fifth consecutive week of gains against major currencies, the longest streak in 15 months. The strong U.S. economy supports the case for higher interest rates, while China&#8217;s struggling recovery increases demand for the safe-haven status of the dollar. However, the dollar did experience some losses on Friday.<\/p>\n","protected":false},"author":66,"featured_media":2004372,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2004371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2004371"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004371\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2004372"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2004371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2004371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2004371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}