Asia FX spooked by weak Chinese PMI, yen slides on dovish BOJ
Investing.com-- Most Asian currencies fell on Tuesday as Chinese economic data showed an unexpected decline in business activity, while the Japanese yen tumbled after the Bank of Japan maintained its ultra-dovish course.
But the greenback still retained a bulk of recent gains, with focus squarely on the Fed. While the central bank is expected to keep rates on hold, it is also likely to reiterate its higher-for-longer stance on interest rates- a scenario that bodes well for the dollar and poorly for risk-driven Asian currencies.The central bank said it will allow some more flexibility in its YCC, potentially letting bond yields move above their 1% cap.
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