Dollar hovers near highs as U.S. yields surge; PBOC bolsters yuan
© Reuters. FILE PHOTO: U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoTOKYO - The U.S. dollar held close to a 10-week peak versus a basket of major peers, and near its highest since November against the yen, as Treasury yields rose made fresh post-financial crisis highs on Tuesday amid speculation U.S. rates will be stay high for longer.
"Surging long-term U.S. yields and the underwhelming response by China's policymakers to ongoing stresses in China's property and financial markets continue to provide bullish impulse to" the U.S. dollar, Richard Franulovich, a currency strategist at Westpac, wrote in a note. Against Japan's currency, the dollar edged 0.1% lower to 146.125 yen, after earlier rising to 146.425, bringing it close to Thursday's peak of 146.565, which was the highest since Nov. 10.
Tuesday's fixing follows shallower and narrower interest rate cuts than markets had expected a day earlier, as Beijing stimulus measures continue to underwhelm despite increasing problems in the property sector and the economy as a whole.The Australian dollar, which often trades as a proxy to China, was also little changed at $0.6413 after initially strengthening slightly following the fixing.
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