Asia FX muted as China stimulus underwhelms, dollar steady with CPI in focus
) as traders took little cheer from more fiscal spending in China, while the dollar steadied ahead of key consumer inflation data this week.
The Japanese yen and the Chinese yuan were among the worst hit by this trade, while broader Asian currencies also mostly retreated.data for October, due later in the week. A slew of Federal Reserve officials are also set to speak this week, after the bank cut interest rates by 25 basis points last week.pair rose 0.1%, remaining close to three-month highs after China’s National People’s Congress outlined plans for more fiscal spending.
Beijing did signal that more stimulus was on the way, but did not specify the timing of the planned measures. Analysts at ANZ said China was likely holding back on stimulus until it was clear how U.S. policy would stand towards the country after Trump takes over as President. ANZ analysts said they were now looking to high-level Chinese political meetings in December for more insight into stimulus measures. Markets are watching for measures aimed at boosting private consumption and the property market crisis.Summary of opinions of the Bank of Japan’s October meeting showed policymakers were split over more interest rate hikes, sparking more uncertainty over when the BOJ will raise interest rates further.
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