{"id":2004781,"date":"2023-08-18T11:55:02","date_gmt":"2023-08-18T15:55:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/safe-haven-dollar-set-for-fifth-winning-week-on-china-woes-fed-bets\/"},"modified":"2023-08-18T11:56:59","modified_gmt":"2023-08-18T15:56:59","slug":"safe-haven-dollar-set-for-fifth-winning-week-on-china-woes-fed-bets","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/safe-haven-dollar-set-for-fifth-winning-week-on-china-woes-fed-bets\/","title":{"rendered":"Dollar poised for fifth weekly gain due to China concerns and Fed expectations."},"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\">26<\/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%2Fsafe-haven-dollar-set-for-fifth-winning-week-on-china-woes-fed-bets%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=2004781&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<h2>Latest News: \u2064Dollar Set \u200dfor Fifth Consecutive Week\u200c of Gains<\/h2>\n<p>By Hannah Lang and Joice Alves<\/p>\n<p>The dollar hit \u200ba fresh two-month high\u2064 on Friday and\u200d was\u200c set for a fifth consecutive week of \u2064gains \u2062in its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mlb-st-louis-cardinals-win-17th-straight-clinch-postseason-spot\/\" title=\"MLB: St. Louis Cardinals Win 17th Straight, Clinch Postseason Spot\">longest winning streak<\/a> for 15 months, buoyed by demand for safer assets on worries over\u200b China\u2019s economy and\u2063 bets U.S.\u2064 interest\u200b rates will stay high.<\/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>The People\u2019s Bank of China (PBOC) set a much stronger-than-expected daily fixing, \u200dlifting\u2062 the yuan from a 9-month low hit on Thursday.<\/p>\n<p>The yuan weakened against the dollar\u200d to 7.3027 in offshore trading, bouncing back\u2063 from Thursday\u2019s nine-month lows, after the PBOC set the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-china-prepares-to-tweak-yuan-fixing-process-to-slow-its-fall-source\/\" title=\"Exclusive-China prepares to tweak yuan fixing process to slow its fall -source\">official mid-point<\/a> at 7.2006, more than\u2063 1,000 pips stronger than Reuters\u2019 estimate.<\/p>\n<p>China\u2019s economic troubles have \u200cdeepened,\u2064 with property developer China Evergrande seeking Chapter 15 protection in a \u200bU.S. \u2063bankruptcy court. Concerns are also growing\u2063 over default\u200b risks in \u200cits shadow banking sector.<\/p>\n<p>\u201cPeople are getting a little concerned with some of the \u200bstatistics we\u2019ve seen out of China,\u201d said Joseph Trevisani, \u2064senior \u200canalyst at FXStreet.com. <\/p>\n<p>\u201cWhen you get \u2062a sector that appears to be as overextended as the Chinese \u2064property sector, especially the retail and commercial sector, that really has a drag on \u2062the economy,\u201d he said. <\/p>\n<p>China\u2019s \u2064securities regulator unveiled a package of measures aimed \u2062at reviving a\u200b sinking stock market, but\u200c investors said they may fail to boost confidence if the economy remains sluggish.<\/p>\n<p>Beijing has \u200bso far disappointed with stimulus, while the PBOC \u200bcut rates\u2064 earlier this week\u2063 in \u200da surprise move that widened the yield gap \u200dagainst the U.S., rendering the yuan even more vulnerable to decline.<\/p>\n<p>\u201cHigh yields and growing risks in China suggest the \u200bbalance of risks is moderately tilted\u2063 to \u200dthe upside for the dollar,\u201d said \u200bFrancesco \u2063Pesole, FX strategist\u2064 at ING. <\/p>\n<p>The\u200b U.S. dollar index, which measures the currency against six peers, edged 0.019% lower at \u2063103.360, after touching a new two-month high of\u200b 103.680 earlier in the session. For\u2064 the week, it is set to gain 0.49%.<\/p>\n<p>Minutes from the Federal Reserve\u2019s last meeting showed \u2064this week that most members of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/safe-haven-dollar-set-for-fifth-winning-week-on-china-woes-fed-bets\/\" title=\"Dollar poised for fifth weekly gain due to China concerns and Fed expectations.\">rate-setting committee continued<\/a> to see \u201csignificant upside \u2064risks\u200b to\u2063 inflation\u201d. Strong economic data this\u200c week, particularly retail sales, also bolstered the case for additional tightening.<\/p>\n<p>INTERVENTION RISK<\/p>\n<p>The recent depreciation of the yen kept traders on edge \u2062against the risk of intervention\u2062 by Japanese authorities.<\/p>\n<p>The Japanese yen strengthened 0.42% versus the greenback at 145.22 per dollar\u2062 after reaching a nine-month low of 146.56 on Thursday.<\/p>\n<p>\u201cWhen things go south in China, traditionally \u200cor historically there\u2019s been a move into the yen, which would strengthen \u2063the yen, but that\u2019s not been the case this time,\u201d said Trevisani. <\/p>\n<p>In autumn of last year, the dollar\u2019s \u200dsurge beyond\u2064 145 triggered the first yen buying intervention from Japanese authorities in a\u200d generation.<\/p>\n<p>The Australian \u2062dollar, which often trades as\u200d a proxy for \u200bChina, rose\u2062 0.08% to $0.641, after hitting a \u200dnine-month low of $0.6365 on Thursday.<\/p>\n<p>Elsewhere, sterling \u200cfell 0.07% to $1.2739 after British retailers reported a bigger-than-expected drop in \u2063sales in July. The euro\u200c edged 0.06%\u200b higher at $1.0877, after\u200c touching \u200bon Thursday a six-week low\u2062 of $1.0856.<\/p>\n<p>Meanwhile, the world\u2019s biggest cryptocurrency, bitcoin, slipped\u2064 1.74%\u2064 to $26,179 after dipping to a fresh two-month low at $26,172, adding to a more than 7% plunge on Thursday,\u200d as a wave of risk-off sentiment grips world \u200bmarkets.<\/p>\n<\/p>\n<p>  (Reporting by Hannah Lang in Washington and Joice Alves in London, \u2063additional reporting by Kevin \u2062Buckland in Tokyo; Editing by Sharon\u200c Singleton)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/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<h3>Other\u2064 News:<\/h3>\n<p>Prosecutors announce a major break in the murder of Microsoft executive Jared Bridegan. One America\u2019s Taylor Tinsley has the\u200d latest.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other News:<\/h3>\n<p>President Robert l. peters has some explaining to do while Georgia State Senator Colton Moore moves to \u200bDefend Trump<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other News:<\/h3>\n<p>During his remarks on\u200d the one-year\u200d anniversary of the so-called \u2018Inflation-Reduction Act\u2019, Biden \u200bchallenged anyone to name a\u2062 single thing the \u200cUnited States has set out to accomplish under his Administration and failed.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other News:<\/h3>\n<p>Former\u2062 White House Chief \u200dof Staff Mark Meadows filed Tuesday to move \u2062the case brought\u200c against him by Fulton County\u200d District Attorney Fani Willis to\u200c federal court. \u2062 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other News:<\/h3>\n<p>By Jaspreet Singh and Max \u200dA. Cherney (Reuters) -Semiconductor equipment maker \u2062Applied Materials on Thursday forecast\u2064 its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/microsoft-earnings-hurt-by-slowing-pc-sales-stronger-dollar\/\" title=\"Microsoft earnings hurt by slowing PC sales, stronger dollar\">fourth-quarter profit<\/a> \u2062would be substantially\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other News:<\/h3>\n<p>(Reuters) \u2013 Microsoft is planning to start selling a new version of Databricks software\u200d that helps customers make AI apps for their\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other News:<\/h3>\n<p>By Jonathan Stempel\u2064 (Reuters) \u2013 A U.S. federal\u2062 judge on Thursday dismissed a lawsuit accusing YouTube of restricting or \u2063removing videos from\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other News:<\/h3>\n<p>By \u2063Zeba Siddiqui SAN FRANCISCO (Reuters) -Google-owned U.S. cybersecurity firm Mandiant said \u200con \u200cThursday\u200b it \u200dhad seen increasing use of artificial intelligence\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The dollar surged to a two-month high, poised for its longest winning streak in 15 months. Concerns about China&#8217;s economy and expectations of high U.S. interest rates drove demand for safer assets, boosting the dollar&#8217;s strength.<\/p>\n","protected":false},"author":66,"featured_media":2004782,"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-2004781","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\/2004781","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=2004781"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004781\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2004782"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2004781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2004781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2004781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}