{"id":2007648,"date":"2023-08-22T00:17:02","date_gmt":"2023-08-22T04:17:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dollar-hovers-near-highs-as-u-s-yields-surge-pboc-bolsters-yuan\/"},"modified":"2023-08-22T00:19:31","modified_gmt":"2023-08-22T04:19:31","slug":"dollar-hovers-near-highs-as-u-s-yields-surge-pboc-bolsters-yuan","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dollar-hovers-near-highs-as-u-s-yields-surge-pboc-bolsters-yuan\/","title":{"rendered":"US dollar remains near its peak as US bond yields surge, while the People&#8217;s Bank of China strengthens the 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\">40<\/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-hovers-near-highs-as-u-s-yields-surge-pboc-bolsters-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=2007648&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>By Kevin Buckland<\/p>\n<p>TOKYO (Reuters) \u200c\u2013 The U.S. dollar is holding strong, nearing a 10-week peak against \u2062major currencies and\u200c reaching its highest level against the yen since November. This is\u200b due to rising Treasury yields, which have\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dollar-hovers-near-highs-as-u-s-yields-surge-pboc-bolsters-yuan\/\" title=\"US dollar remains near its peak as US bond yields surge, while the People's Bank of China strengthens the yuan.\">reached post-financial\u2062 crisis highs<\/a>, leading to speculation that \u200bU.S. interest\u200c rates will\u200b remain high\u200b for a longer period\u200d of time.<\/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>China\u2019s central bank has taken steps to strengthen\u2064 the yuan by setting \u200da daily mid-point that is much stronger than expected. This has helped stabilize the currency, which has been under pressure recently due\u2064 to concerns over China&#8217;s slow response to its slowing economy and struggling \u2062property sector.<\/p>\n<p>The U.S. \u200ddollar index, which measures the currency \u200bagainst six developed-market counterparts, slipped slightly to 103.24, but remains close to its recent high of 103.68, a level not seen since June 12.<\/p>\n<p>Richard\u200d Franulovich, a currency strategist at Westpac, \u2063noted that the combination of surging U.S. yields and China&#8217;s policy response has been providing a bullish boost to the U.S. dollar.<\/p>\n<p>Looking ahead to Fed chairman Jerome Powell&#8217;s upcoming speech at the U.S. central bank&#8217;s annual\u200b symposium, Franulovich believes that if Powell hints at \u2062future rate hikes, it could further strengthen \u200dthe dollar, potentially pushing the dollar index above 104.<\/p>\n<p>Currently, money markets are predicting less than a 50% chance \u2062of another 25 basis\u200c point Fed hike by November, before the central bank transitions to rate cuts next year.<\/p>\n<p>The dollar-yen pair, which is highly sensitive to changes in U.S. Treasury\u200b yields, saw the dollar edge \u2064slightly lower to 146.125 yen. However, it had previously reached 146.425, coming close to its recent\u2063 peak of 146.565, the\u200c highest since November\u2062 10.<\/p>\n<p>The euro gained 0.1% against the dollar, reaching \u2062$1.09055.<\/p>\n<p>Meanwhile, China&#8217;s \u200bcentral bank set\u200c the yuan mid-point at 7.1992 per dollar, which was 1105 pips stronger than expected. This \u2064move aims \u2063to support the yuan and\u2064 prevent\u200c it\u200c from sliding further after\u2064 reaching a 9\u200b 1\/2-month low of \u20637.349 in\u2062 offshore trading\u2063 last week.<\/p>\n<p>The\u2063 offshore yuan remained relatively unchanged at 7.2872 after the fixing, showing a slight increase \u200dof about 0.1%.<\/p>\n<p>The Australian \u200cdollar, often seen as\u2063 a\u2063 proxy for \u2064China, \u200dalso \u2062remained stable at $0.6413 after a slight initial strengthening following the fixing.\u200d The Aussie dollar has \u200dbeen gradually recovering after hitting a 9\u200d 1\/2-month low \u200bof $0.6365 last week.<\/p>\n<p>Kristina Clifton, senior currency strategist at Commonwealth Bank of Australia, believes\u2063 that a significant Chinese stimulus package focused on infrastructure spending is needed to reverse the downtrend in AUD\/USD. She also warns of a &#8220;growing risk&#8221;\u2062 of the Aussie dollar dipping below $0.60 this year.<\/p>\n<\/p>\n<p>  (Reporting by Kevin Buckland; editing\u200b by Simon Cameron-Moore)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/dollar-hovers-near-highs\/attachment\/file-photo-illustration-shows-u-s-dollar-and-chinese-yuan-banknotes\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Joe Biden jets off to Hawaii, Trump pays $200,000 in Fulton County\u200c and Fat Bottomed Girls \u200bget blacklisted.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Trump\u200c spokeswoman Liz Harrington suggests the timing of the latest indictment of Donald Trump reeks of collusion.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The death toll from the Maui wildfires continues to\u200b rise, with at least 111\u2063 confirmed fatalities as of Friday while nearly 1,000 others remain missing.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Nebraska Governor Jim Pillen signs the Opportunity Scholarship Act, which <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/desantis-falls-to-fourth-place-in-new-hampshire-poll-pres-trump-dominates\/\" title=\"DeSantis slips to fourth in NH poll, Trump prevails.\">commits  million dollars<\/a> in tax credits to children\u200d across the\u200b state. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>OSLO (Reuters) \u2013\u2062 Meta Platforms will ask a court in Norway on Tuesday to stop a fine the country\u2019s data regulator has\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2062\u2013 Coinbase Global said on Monday it would acquire an equity stake in cryptocurrency operator Circle\u200b Internet Financial\u2064 and shut down\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Jaspreet Singh (Reuters) -Zoom Video Communications forecast third-quarter profit above Wall Street estimates on Monday, a positive sign for the\u2062 company\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Chavi Mehta (Reuters) -Nvidia investors expect the chip \u200ddesigner to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/athletics-lane-nine-just-fine-for-american-loner-richardson\/\" title=\"American loner Richardson finds lane nine in athletics to be perfect.\">forecast quarterly revenue<\/a> \u200babove estimates when\u2062 it reports\u200d results on Wednesday.\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>China&#8217;s central bank is closely monitoring the U.S. dollar, which remains near a 10-week high against major currencies and a November high against the yen. This comes as Treasury yields continue to rise, leading to speculation that U.S. interest rates will remain elevated for an extended period.<\/p>\n","protected":false},"author":66,"featured_media":2007649,"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-2007648","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\/2007648","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=2007648"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2007648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2007649"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2007648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2007648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2007648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}