{"id":417,"date":"2023-04-06T08:17:22","date_gmt":"2023-04-06T05:17:22","guid":{"rendered":"https:\/\/invest24world.com\/?p=417"},"modified":"2023-04-06T08:18:46","modified_gmt":"2023-04-06T05:18:46","slug":"asia-fx-dollar-muted-amid-economic-fears-kiwi-rallies-on-hawkish-rbnz","status":"publish","type":"post","link":"https:\/\/22-preview.freshtone.ru\/nl\/asia-fx-dollar-muted-amid-economic-fears-kiwi-rallies-on-hawkish-rbnz\/","title":{"rendered":"Asia FX, dollar muted amid economic fears, Kiwi rallies on hawkish RBNZ"},"content":{"rendered":"

Asian currencies moved in a flat-to-low range on Wednesday, while the dollar stuck to two-month lows as weak economic data fueled increasing concerns over an economic slowdown this year.<\/p>\r\n

\r\n\r\n<\/p>\r\n

The\u00a0New Zealand dollar<\/a>\u00a0was the sole outlier among global currencies, rallying 0.6% after the\u00a0Reserve Bank of New Zealand<\/a>\u00a0hiked rates by a bigger-than-expected 50 basis points, and flagged more action against high\u00a0inflation<\/a>. But the central bank also warned of slowing economic growth, as the country recovers from the impact of cyclone Gabrielle earlier this year.<\/p>\r\n

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But most other currencies trended lower, with trading volumes in Asia also muted on account of a Chinese market holiday.<\/p>\r\n

\r\n\r\n<\/p>\r\n

The\u00a0Philippine peso<\/a>\u00a0fell 0.2% as data showed that\u00a0inflation<\/a>\u00a0eased more than expected in March, while the\u00a0Singapore dollar<\/a>\u00a0pared some losses after\u00a0retail sales<\/a>\u00a0rebounded far more than expected in February.<\/p>\r\n

\r\n\r\n<\/p>\r\n

The\u00a0Japanese yen<\/a>\u00a0was flat, but was sitting on gains over the past two days amid increased safe haven demand. Data also showed that Japan’s\u00a0service sector<\/a>\u00a0grew at a higher-than-expected pace in March, largely offsetting a decline in\u00a0manufacturing activity<\/a>.<\/p>\r\n

\r\n\r\n<\/p>\r\n

The\u00a0Indian rupee<\/a>\u00a0fell 0.1% ahead of a\u00a0Reserve Bank meeting<\/a>\u00a0on Thursday, where the RBI is widely expected to raise rates by 25 basis points.<\/p>\r\n

\r\n\r\n<\/p>\r\n

The\u00a0Australian dollar<\/a>\u00a0fell 0.1%, extending losses from Tuesday after the\u00a0Reserve Bank<\/a>\u00a0held interest rates steady. But the currency pared some losses after RBA Governor Philip Lowe warned that\u00a0rates could still rise further<\/a>, especially as inflation remains stubborn.<\/p>\r\n

\r\n\r\n<\/p>\r\n

The U.S. dollar hovered around a two-month low, with the\u00a0dollar index<\/a>\u00a0and\u00a0dollar index futures<\/a>\u00a0moving little in Asian trade. The greenback tumbled in overnight trade after U.S.\u00a0job openings<\/a>\u00a0fell more than expected in February, pointing towards some more cooling in the jobs market.<\/p>\r\n

\r\n\r\n<\/p>\r\n

The data largely overrode a warning from Federal Reserve Bank of Cleveland President Loretta Mester that interest rates will likely rise despite economic weakness, given that inflation is still relatively high.<\/p>\r\n

\r\n\r\n<\/p>\r\n

But with a cooling jobs market and steadily worsening economic conditions, markets doubted just how much more headroom the Fed has to keep raising interest rates. This notion weighed on the dollar, while U.S. Treasury yields also fell sharply over the past three days.<\/p>\r\n

\r\n\r\n<\/p>\r\n

While the prospect of a less hawkish Fed bodes well for Asian currencies, regional markets saw little support as fears of an economic slowdown kept markets wary of risk-driven assets. Safe havens such as\u00a0gold<\/a>\u00a0saw increased demand, with the yellow metal now within striking distance of a new record high.<\/p>\r\n

\r\n\r\n<\/p>\r\n

Source: https:\/\/www.investing.com\/news\/forex-news\/asia-fx-dollar-muted-amid-economic-fears-kiwi-rallies-on-hawkish-rbnz-3049146<\/p>","protected":false},"excerpt":{"rendered":"

Asian currencies moved in a flat-to-low range on Wednesday, while the dollar stuck to two-month lows as weak economic data fueled increasing concerns over an economic slowdown this year. The\u00a0New Zealand dollar\u00a0was the sole outlier among global currencies, rallying 0.6% after the\u00a0Reserve Bank of New Zealand\u00a0hiked rates by a bigger-than-expected 50 basis points, and flagged […]<\/p>\n","protected":false},"author":1,"featured_media":418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpautop"],"translation":{"provider":"WPGlobus","version":"2.10.10","language":"nl","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\nAsia FX, dollar muted amid economic fears, Kiwi rallies on hawkish RBNZ - 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