SINGAPORE : The U.S. dollar was firm in Asia trade on Wednesday following surprisingly strong U.S. housing data, while the yuan and Aussie dollar nursed losses and focus turned to Federal Reserve Chair Jerome Powell's appearance before Congress later in the day.Single family housing starts surged 21.7 per
SINGAPORE : The U.S. dollar was firm in Asia trade on Wednesday following surprisingly strong U.S. housing data, while the yuan and Aussie dollar nursed losses and focus turned to Federal Reserve Chair Jerome Powell's appearance before Congress later in the day.
The Aussie and yuan were Tuesday's largest losers and were in no mood for a bounce early on Wednesday. China had cut rates by less than expected and while its post-COVID recovery stalls, hoped-for major stimulus is yet to arrive. The Aussie had taken a further beating thanks to Tuesday's less-hawkish-than-expected central bank minutes following this month's rate hike. It fell 0.9 per cent overnight and last bought $0.6790.
The New Zealand dollar was dragged lower in sympathy, breaking below its 50-day moving average before steadying just above its 200-day moving average at $0.6168. "Our pick is that the kiwi will head towards the $0.57 level before the year is out, but it won’t be in a straight line," she said."First off the bat we will need to crack the $0.59 level. That may only be a matter of weeks away."
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