Asia FX weakens as rate fears boost dollar; yuan at weakest in 6 months
Investing.com-- Most Asian currencies weakened on Wednesday, with the Chinese yuan touching its weakest level in six months as persistent fears of high U.S. interest rates kept traders biased towards the dollar.
Beijing continued to roll out supportive measures for the property market, helping inspire some optimism over the country. But traders remained doubtful over just how Beijing planned to fund and execute its stimulus measures for the property sector, given that the space was in an over three-year slump.The currency took little support from somewhat middling comments from Bank of Japan officials.
But Seiji also said that the BOJ needed to be cautious in how it would tighten policy, and that policy would remain accommodative in the near-term to foster strength in the Japanese economy.The reading ramped up expectations that the Reserve Bank of Australia will have to keep rates high for longer, or even hike them further this year, to bring down inflation.
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