LONDON : The risk-sensitive Australian dollar rallied and the safe-haven yen dipped to a nearly three-month low on Monday, as fears of widespread market contagion from indebted China Evergrande Group receded.
The dollar index, which measures the U.S. currency against six major rivals, hovered in the middle of its range of the past week, trading slightly higher at 93.40. "USD is likely to remain caught in the cross-currents of a more hawkish FOMC and fading concerns around a potential Evergrande default," Commonwealth Bank of Australia analysts wrote in a client note.
The People's Bank of China injected a net 100 billion yuan into the financial system on Monday, adding to the net 320 billion yuan last week, the most since January. That followed moves in benchmark 10-year U.S. Treasury yields, which touched 1.4660per cent for a second day on Monday, the highest since July 2, before easing back to 1.4527per cent.
The Aussie climbed 0.37per cent to US$0.72835, up from US$0.72205 a week ago, its lowest since Aug. 24.
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