The U.S. dollar languished near a seven-month low against other major currencies, as investors took heart that the Federal Reserve may be nearing the end of its rate-hike cycle and as China’s reopening drove demand for riskier assets. | Reuters
Sterling slid 0.08 percent to $1.21705, after similarly hitting a three-week top of $1.2209 on Monday and ending the session 0.73 percent higher.
“The dollar’s big climb down has begun,” said George Saravelos, head of foreign exchange research at Deutsche Bank. The New Zealand dollar rose 0.13 percent to $0.6378, not far off Monday’s over three-week high of $0.6411. The two antipodean currencies are widely used as liquid proxies for China’s yuan.
“Hedge fund managers have turned slightly bearish USD following the full reopening in China,” said Tareck Horchani, head of prime brokerage dealing at Maybank Securities.Elsewhere, Japan’s yen edged 0.1 percent higher to 131.73 per dollar, drawing support from a weakening greenback and the Bank of Japan’s surprise tweak to its yield curve policy late last year.
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