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Heightened risk of currency war may trigger further Chinese yuan weakness which in turn adds downside pressure on Hang Seng Index

The US Federal Reserve will continue to raise interest rates, even if it crimps economic activity, while China is easing some Covid measures. The prospect of the US economy slowing somewhat, while Chinese economic activity picks up, lends itself to a weaker greenback versus the yuan.

Another mixed day for equities in Asia Posted 5 hours agoSharePrint Wall Street has another sideways day overnight, except the Nasdaq, which rose modestly as the default market happy place trades on a slow news day. That has seen Asia once again content itself to range trade with the whole planet, seemingly treading water for the US inflation data tomorrow night. Except for China, regional investors appear to be once again reducing exposure ahead of the inflation data, with most of Asia ever so slightly lower today. China’s benign inflation print and officials talking of coal price controls...

The US dollar holds Friday gains Posted 5 hours agoSharePrint Asian currencies calm at start of week Asian currency markets are quiet today with most of Europe being on holiday today except for the United Kingdom. On Friday, the dollar index rose by 0.30% to 90.02, despite US long-dated yields slipping. Much of the underlying US dollar strength can likely be attributed to weekend risk hedging after a volatile week across asset classes. I suspect that nerves surrounding the weekend crypto-currency session (well-founded) may also have encouraged markets to load up on US dollars.   That left th...

US dollar sell-off resumes Dollar dips as inflation fears abate Benign US data eased inflation nerves overnight, lifting risk sentiment and pushing US yields lower. That was enough to spur a sell-off in the US dollar as investors moved positioning once again, out of haven greenbacks. The dollar index fell by 0.47% to 89.75, where it remains in Asia. Despite the volatility of the week, the dollar index has traded in a choppy 89.70 to 90.20 range, with plenty of whip-sawing for anyone looking for it. A close below 89.70 for the week will signal the US dollar sell-off will resume next week.   T...