Dollar holds gains, yuan under pressure as Evergrande risks grow
The offshore yuan wallowed near an almost one-month low on Tuesday while the safe-haven dollar and yen stood tall as investors sought shelter from a potential China Evergrande default.
The yuan stood at 6.4805 per dollar after weakening as far as 6.4879 on Monday for the first time since Aug. 23. Mainland markets are shut for holidays until Wednesday."It feels like the market was waiting on something from the Chinese authorities over the weekend to calm the markets and ringfence the contagion worries from a looming Evergrande default, and that didn’t come," Chris Weston, head of research at brokerage Pepperstone in Melbourne, wrote in a client note.
"Traders sense a credit event is coming."Analysts at Wells Fargo expect the dollar to reach 6.60 per yuan in the next month for the first time since November.The U.S. currency had already been rising on expectations the Federal Reserve will signal a start to stimulus tapering at a two-day policy meeting that ends Wednesday.
read moreThe greenback was mostly flat at $1.17245 per euro after gaining to $1.1700 overnight, also a first since Aug. 23.The yen eased back about 0.2% to 128.50 to the single currency , but still close to its high of 128.155 from Monday, a level not seen since Aug. 20. headtopics.com
The dollar rose 0.18% to 109.58 yen , trimming some of its overnight losses, but with the pair still meandering near the middle of the trading range of the past 2-1/2 months.The Bank of Japan decides policy on Wednesday, with no change expected to its massive stimulus programme.
The dollar index , which measures the currency against six major peers, was little changed at 93.2241 after rising overnight to 93.455 for the first time since Aug. 23. Read more: Reuters Top News »
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Dollar creeps higher as Fed's taper loomsThe dollar began the week firmly on Monday with investors in a cautious mood ahead of several central bank meetings, headlined by the Federal Reserve, while looming catastrophe at indebted developer China Evergrande added to markets' fragility. indiacharts nishkumar1977 Yes! Reggie .
Investor worries about Evergrande keep pressure on China’s yuan in offshore tradeChina’s offshore currency continued to weaken against the dollar on Monday amid a world-wide stock selloff triggered by concerns about the broader impact of a potential collapse by major property developer Evergrande Group. We don't buy bitcoin We earn bitcoin From Mining I'm ready to show 10 lucky people on how to earn 1BTC ($43,196.80) and more daily! No referral No withdrawal fees Interested people only Kindly send a DM. this is terrible news
China Evergrande shares plummet to 11-year low on default risksShares of Evergrande on Monday plunged as much as 19% to their lowest in over 11 years, extending losses as investors take a dim view of its business prospects with a fast approaching deadline for payment obligations this week. Instead of catching profitable tech companies, they need to catch rogue directors.
World shares sink as China Evergrande fears spark risk offWorld stocks sold off sharply on Monday while safe-haven assets gained as troubles at property group China Evergrande fed concerns about spillover risks to the economy, sparking fresh investor worries ahead of a busy week of central bank meetings. It will be even worse. Play with the devil and get burned....
Why Evergrande has suddenly exploded into a potential global financial market crisisThere's a risk to the stock market that's not covid or inflation. Here's what's going on with Evergrande: nice Oh no, not again.