Foreign exchange market: scattered order of currencies : Orishas-finance

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Foreign exchange market: scattered order of currencies

30/09/2024

Source : ORISHAS-FINANCE

Categories: Economy/Forex

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Foreign exchange market: scattered order of currencies

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Les Australian and New Zealand dollars resumed on Monday, while the South African rand increased its gains from the last week. The Chinese yuan has depreciated slightly against the dollar and the Indian rupee is expected to open almost unchanged. The yen has stabilized.

Australian and New Zealand dollars resumed their ascent to monthly highs on Monday, as news of a further easing of Chinese monetary policy sent commodity prices higher while their loss to the Japanese yen stabilized.

The New Zealand dollar rose by 0.5% to $0.6372, its highest level since July 2023, in part helped by a private survey showing that business confidence jumped again in September.

The South African rand boosted last week's gains in early trading on Monday as investors look to a handful of data to find new signs of improving the national economy. At 0650 GMT, the rand traded at 17.0375 against the dollar, about 0.5% stronger than its Friday closing level. ETM Analytics said in a research note that the rand could fall below 17 to the dollar this week as the U.S. currency remains on the defensive and entries into the South African bond market

are favorable.

The Chinese yuan depreciated slightly against the dollar on Monday, but seems poised for its biggest quarterly increases since 2020, largely due to the liquidation of corporate greenback holdings and the latest wave of measures by relaunching Beijing to support the economy.

At 03:44 GMT, the onshore yuan traded at 7.0125 per dollar, 14 pips lower than the previous close of 7.0111 on Friday.

The Indian rupee is expected to open almost unchanged on Monday and trade at a slightly positive bias thanks to gains from most of its regional peers, while traders await comments from Federal Reserve Chair Jerome Powell for hints of falling rates.

The rupee is on track to record its best monthly performance since January, boosted by a strong appetite for risk after the Fed launched its rate cut cycle and by abundant inflows from portfolios.

The yen stabilized on Monday as the new Japanese prime minister indicated that monetary policy should remain accommodative, while the dollar fell due to commodity currencies, supported by investor expectations of a reversal in the Chinese economy.

The Japanese yen jumped on Friday when Shigeru Ishiba, a former defense minister and former critic of monetary easing policies, won the leadership of the ruling Liberal Democratic Party, which controls and will elect Parliament.

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