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Barchart
Barchart
Rich Asplund

Dollar Moves Higher as China May Allow a Weaker Yuan

BOJ Interest Rates US Federal Reserve United States Chinese Yuan ECB

The dollar index (DXY00) today is up by +0.22% and posted a 2-week high.  The dollar is seeing support today on weakness in the Chinese yuan after Reuters reported that Chinese policymakers are considering allowing the yuan to depreciate, abandoning its stable-currency policy to compensate for any impact from US tariffs.  Also, weakness in the yen boosted the dollar as the yen fell to a 2-week low today on a Bloomberg report that said the BOJ is in no hurry to raise interest rates.

The dollar fell back from its best levels today after the US Nov CPI report came in right on expectations, bolstering the outlook for the FOMC to cut interest rates by 25 bp at next week’s meeting.  The chances for a 25 bp Fed rate cut rose to 96% from 86% after the release of the Nov CPI report.

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