Minutes from the Federal Reserve's last meeting showed this week that most members of the rate-setting committee continued to see 'significant upside risks to inflation,' suggesting a bias toward further rate increases.
U.S. dollar and Chinese yuan, Shiyan City, Hubei Province, China, June 30, 2023.The dollar hovered around a two-month high on Friday, set for a fifth consecutive week of gains in the longest winning streak for 15 months, buoyed by demand for safer assets on worries over China's economy and bets U.S. interest rates will stay high.
China's economic troubles have deepened, with property developer China Evergrande seeking Chapter 15 protection in a U.S. bankruptcy court, and concerns also growing over default risks in its shadow banking sector. "Developments in the distressed Chinese financial and property sector are emerging as the most prominent driver for market sentiment," said Francesco Pesole, FX strategist at ING.
Minutes from the Federal Reserve's last meeting showed this week that most members of the rate-setting committee continued to see "significant upside risks to inflation," suggesting a bias toward further rate increases. Against the yen, the dollar eased 0.3% to 145.38, after reaching a nine-month peak of 146.56 on Thursday.
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