SINGAPORE : The dollar retreated from a two-week top against its major peers on Thursday as investors trimmed bets that the Federal Reserve will raise interest rates this month, though the looming debt ceiling deadline gave safe haven support to the greenback.A divided U.S. House of Representatives passed
SINGAPORE : The dollar retreated from a two-week top against its major peers on Thursday as investors trimmed bets that the Federal Reserve will raise interest rates this month, though the looming debt ceiling deadline gave safe haven support to the greenback.
Fed officials including the vice chair-designate pointed towards a rate hike"skip" in June, giving time for the U.S. central bank to assess the impact of its tightening cycle thus far against still strong inflation data. China's factory activity unexpectedly swung to growth in May from a decline in April, a private sector survey showed on Thursday, driven by improved production and demand, helping struggling firms that have been hit by slumping profits.
"On net, the path of least resistance for USD/CNH is to the upside considering the negative RMB carry, push-back in China's reopening momentum and foreign outflows," said OCBC currency strategist Christopher Wong.
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