LONDON, Oct 22 ― The US dollar slipped against its rivals today and is set for a second consecutive week of decline as news that heavily-indebted property firm China Evergrande Group had averted a default buoyed appetite for risky assets.
But days before a deadline that would have plunged the embattled developer into formal default and sent shockwaves through global markets, the company had supplied funds to pay interest on a US dollar bond. But the broader market narrative remained supportive of more US dollar gains as rising bond yields on the back of firmer inflation expectations are expected to lend support to the greenback.
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