Most Asian currencies weakened slightly on Monday, while the dollar steadied as traders hunkered down before a string of key economic readings due this week.<\/p>\n
Mixed signals from China weighed on sentiment, as data showed a sustained, albeit narrowing decline in\u00a0industrial profits<\/a><\/span>. Top Chinese government officials called on Beijing to unlock more financial support for local businesses amid a slowing economic recovery.<\/p>\n The\u00a0yuan<\/a><\/span>\u00a0fell 0.1%, following a slightly weaker daily midpoint fix by the People\u2019s Bank of China. Focus this week was on\u00a0purchasing managers index<\/a><\/span>\u00a0(PMI) data for November, due on Thursday, for more cues on business activity. PMI readings for October had largely missed expectations.<\/p>\n Still, Beijing has more stimulus measures lined up in the coming months, specifically a 1 trillion yuan ($139 billion) bond issuance, which is expected to shore up growth.<\/p>\n But near-term sentiment towards China remained largely weak, which in turn kept broader Asian markets subdued.<\/p>\n The\u00a0Australian dollar<\/a><\/span>\u00a0fell 0.2%, with focus also turning to key\u00a0inflation<\/a><\/span>\u00a0and\u00a0retail sales<\/a><\/span>\u00a0data due later in the week. Reserve Bank of Australia Governor Michele Bullock is also set to speak on this week, after she warned that inflation will likely remain sticky in the coming months.<\/p>\n South Korea\u2019s won<\/a><\/span>\u00a0fell 0.1% before a\u00a0Bank of Korea<\/a><\/span>\u00a0rate decision this week, with the central bank widely expected to keep rates on hold.<\/p>\n The\u00a0Indian rupee<\/a><\/span>\u00a0hovered around record lows, while the\u00a0Thai baht<\/a><\/span>\u00a0led gains across Southeast Asia with a 0.4% rise, even as data showed the country swinging to a surprise\u00a0trade deficit<\/a><\/span>\u00a0in October.<\/p>\n The\u00a0Japanese yen<\/a><\/span>\u00a0was among the better performers for the day, rising 0.4%. Japanese\u00a0industrial production<\/a><\/span>\u00a0and\u00a0retail sales<\/a><\/span>\u00a0data is also on tap this week.<\/p>\n Most Asian currencies marked strong gains through November, amid growing optimism that the U.S. Federal Reserve was done raising interest rates. This trend had also battered the dollar, putting it close to three-month lows.<\/p>\n But markets were now awaiting a fresh batch of economic readings for more cues on monetary policy.<\/p>\n The\u00a0dollar index<\/a><\/span>\u00a0and\u00a0dollar index futures<\/a><\/span>\u00a0moved little in Asian trade on Monday, as markets awaited key economic readings from the country this week.<\/p>\n PCE price data<\/a><\/span>– the Fed\u2019s preferred inflation gauge- is due on Thursday, as is a second reading on\u00a0gross domestic product<\/a><\/span>\u00a0for the third quarter. Any signs of cooling inflation and economic growth are expected to further bets on a less hawkish Fed, denting the dollar and benefiting Asian markets.<\/p>\n U.S.\u00a0consumer confidence<\/a><\/span>\u00a0and\u00a0PMI readings<\/a><\/span> for November are also due this week, offering more cues on the world\u2019s largest economy.<\/p>\n Source: https:\/\/www.investing.com\/news\/forex-news\/asia-fx-inches-lower-dollar-steady-before-swarm-of-economic-data-3243303<\/p>\n","protected":false},"excerpt":{"rendered":" Most Asian currencies weakened slightly on Monday, while the dollar steadied as traders hunkered down before a string of key economic readings due this week. Mixed signals from China weighed on sentiment, as data showed a sustained, albeit narrowing decline in\u00a0industrial profits. Top Chinese government officials called on Beijing to unlock more financial support for […]<\/p>\n","protected":false},"author":1,"featured_media":1126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpautop"],"translation":{"provider":"WPGlobus","version":"2.10.10","language":"fr","enabled_languages":["en","nl","es","sv","fr"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"nl":{"title":false,"content":false,"excerpt":false},"es":{"title":false,"content":false,"excerpt":false},"sv":{"title":false,"content":false,"excerpt":false},"fr":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"\r\nDollar steady as inflation, GDP data looms<\/h3>\n