The dollar gained broadly on Monday as protests against COVID restrictions in China stoked uncertainty and dented sentiment, sending the yuan sliding and pushing nervous investors toward the safe-haven greenback.
and spread to several cities in the wake of a deadly fire in Urumqi in the country's far west, with hundreds of demonstrators and police clashing in Shanghai on Sunday night.The Aussie , which is often used as a liquid proxy for the yuan, fell 0.61% to $0.6714, while the kiwi slumped 0.5% to $0.6216.
"Certainly at the start of the week, it will set the tone. And I suppose what will be the focus as well, will not only be the imposition of restrictions that China may introduce, if any, but the level of contagion as well." "If the RRR cut is the only monetary policy tool that the PBOC is going to implement, it may not lead to a significant increase in bank lending," said Iris Pang, chief economist for Greater China at ING.
The latest developments in China have put a pause on the U.S. dollar's decline, which had been softening over the past few weeks on hopes that the Federal Reserve would soon slow its pace of rate hikes - a view that was supported byAgainst a basket of currencies, the U.S. dollar index was down 0.08% at 106.25, but off its recent three-month low of 105.30.
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