TOKYO : The safe-haven yen sank to its lowest in nearly three months on Monday, while the risk-sensitive Australian dollar continued to recover from an almost one-month low, as fears of widespread contagion from China Evergrande Group receded.
The euro traded little changed at US$1.1724, largely ignoring developments in German elections on the weekend, with the Social Democrats projected to narrowly defeat the CDU/CSU conservative bloc. "Nevertheless, the risks are skewed to a firmer USD," with any renewed Evergrande worries unlikely to trigger the level of market volatility of last week, they said.
Several local governments in China have set up special custodian accounts for Evergrande property projects to protect funds earmarked for housing projects from being diverted, media outlet Caixin reported on the weekend. "The correlation between U.S. bonds yields and USDJPY has picked up," Chris Weston, head of research at brokerage Pepperstone in Melbourne, wrote in a client note.
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