Dollar edges down but posts gains for week; yuan slips past key level

NEW YORK, Sept 16 — The dollar index was down slightly yesterday but registered a gain for the week as investors expected the US Federal Reserve to remain aggressive when it hikes interest rates next week, while China’s yuan eased past the key threshold of 7 per dollar.

“This belief that we’re very close to a peak dollar, very close to peak yields,... is getting pushed back. We’re seeing a lot of strong bullish dollar calls,” said Edward Moya, senior market analyst at Oanda in New York.Investors expect a high chance of a 75-basis-point rate hike at next week’s meeting and some chance of a 100-bps increase.

The onshore unit similarly broke the key level soon after markets opened yesterday. Data showed China’s economy was surprisingly resilient in August, with factory output and retail sales both growing more than expected. But a deepening property slump weighed on the outlook. While the Fed takes centre stage next week, the Bank of Japan and the Bank of England are also expected to have monetary policy meetings.

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