SINGAPORE, Aug 5 ― The dollar fell in Asia today, hitting a five-month low on the yuan, as the latest coronavirus relief package stalled in Congress and US yields sank on the prospect that further monetary easing might be needed to support the economy. A hardening perception that the US recovery...
The dollar has been sliding since March, but its prime antagonist in recent weeks has been the euro, which in July posted its best month in almost 10 years. ― Reuters pic
At the same time speculation that stalemate over fiscal policy in Washington could leave the Federal Reserve with more to do, has hastened a steady decline in US yields ― undermining the dollar more broadly. “Dollar interest rates are also converging to other developed economies' interest rates, which means that the dollar is less appealing,” he said, adding it is difficult to see the Fed easing policy ahead of its global peers.
Even the Chinese yuan, which had struggled to capitalise on the dollar's weakness amid simmering Sino-US tensions, forged higher to a five-month top of 6.9570 per dollar in onshore trade . “Right now, looming long-term negative US issues ― like the dollar's reserve status as the US and China decouple ― are at the forefront of FX concerns, and not the euro's structural problems,” said Deutsche Bank strategist Alan Ruskin.For now, eyes are on Washington where White House negotiators have vowed to work “around the clock” with congressional Democrats to try to reach a deal on coronavirus relief by the end of this week.
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