TOKYO : The dollar held below a near one-month high on Wednesday as investors focused on two key risks - a default by Chinese property developer Evergrande and the expected pace of U.S. monetary policy tightening.
Evergrande, once China's top-selling property developer, is inching closer to a key deadline on Thursday when the firm is due to pay US$83.5 million in interest relating to its March 2022 bond. Ahead of the onshore trading, the Chinese yuan was on the defensive at 6.4845 per dollar in the offshore trade, near one-month low of 6.4878 set on Monday.Another major focus for the day is the U.S. Federal Reserve, which is expected to drop more hints on its future policy path, including when to start tapering its bond buying and when to start raising interest rates.
"Perhaps tapering is already baked in. What will matter the most for the currency market is how dot-plots or comments from Powell will affect U.S. rate expectations," said JP Morgan's Sasaki.
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