The Australian and New Zealand dollars declined along with the yuan on Wednesday after a surprise deterioration in Chinese factory activity stoked worries about the country's sputtering post-pandemic recovery.
Traditional safe-haven currencies the dollar and yen outperformed the euro and sterling. The yen received additional support after Japan's top currency diplomat warned on Tuesday that officials were watching the currency closely following its slide to a six-month low, which has raised the spectre of intervention.
The Aussie initially jumped as much as 0.33% amid escalating odds for more central bank tightening, only to flip moments later to a 0.38% decline on escalating worries of a China. That later deepened to a 0.46% decline, taking it to the lowest since Nov. 10 at $0.6486. "The lack of positive news coming from economic activity in China is exacerbating that view" for lower commodity prices, trumping domestic data pointing to tighter monetary policy, he said.The Chinese yuan slumped to a six-month low in offshore trading, sinking as much as 0.43% to 7.0218 per dollar.The euro - which is the most heavily weighted currency in the index - declined 0.41% to $1.06910.
"All else being equal, a weak China is a positive for the U.S. dollar, and to some extent the yen, against the euro or the Aussie."
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