The dollar fell in Asia on Wednesday, hitting a five-month low on the yuan.
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 U.S. 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,’’ Mr Hui said.The Australian dollar led gains among the majors with a 0.4 per cent rise to $0.7189.
Other Asian currencies also made gains, notably the Malaysian ringgit, which was stronger than 4.2 per dollar for the first in five months. “Right now, looming long-term negative U.S. issues – like the dollar’s reserve status as the U.S. 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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