The dollar dipped against riskier currencies on Tuesday as hopes for a COVID-19 vaccine and big corporate deals improved investor appetite for riskier currencies.
“It was uplifting that Pfizer has made clear a target of vaccines. As risk assets bounced back, the dollar has lost momentum,” said Kyosuke Suzuki, director of forex at Societe Generale.$40 billion purchase of chip designer Arm - lifted confidence., as highly anticipated minutes from the central bank's September monetary policy meeting gave no hint that record low interest rates will be cut further.
The Chinese yuan rose to a 16-month high in both offshore and onshore trade, thanks to China’s robust economic fundamentals. Industrial output accelerated the most in eight months in August, while retail sales grew for the first time this year, suggesting the economic recovery is gathering pace as demand starts to improve more broadly from the coronavirus crisis.
“We have evidence of strong exports from China while Chinese tourists, who would have spent $260 billion overseas in normal years, are not going abroad this year, reducing yuan selling,” said Ei Kaku, senior strategist at Nomura Securities. “Chinese authorities have not tried to rein in the yuan’s rise for the past couple of weeks even as it has strengthened, leading people to expect further appreciation in the yuan.”
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