AFMC - CNY7.20 Gives Way As Strong Greenback Proves Too Much
2024-03-22 07:10:00 ET
Summary
- The dollar's post-FOMC sell-off has been completely reversed and the greenback has reached new highs for the week against most of the G10 currencies.
- For the first time since last November, the US dollar has risen above CNY7.20 and continued to rise toward CNY7.23.
- Chinese and Hong Kong equities were hit hard today - the Hang Seng fell nearly 2.2% and the mainland shares that trade there were off 2.5%.
- Gold reached almost $2221 yesterday and is trading near $2166 now.
Overview
The dollar's post-FOMC sell-off has been completely reversed and the greenback has reached new highs for the week against most of the G10 currencies. Heightened intervention fears and softer US yields has helped steady the yen, which is near unchanged now, and is the best performer. The Scandis and Antipodeans are the heaviest, off 0.65%-0.90%. For the first time since last November, the US dollar has risen above CNY7.20 and continued to rise toward CNY7.23. The dollar's 0.4% gain is the most since January 2. The South Korean won, Hungarian forint, and Russian ruble are all off more than 1% today....
CNY7.20 Gives Way As Strong Greenback Proves Too Much