The dollar’s record hot streak came under threat Monday as Asia’s biggest central banks took aim in different ways at the recent rally in the greenback.
The People’s Bank of China gave a strong warning to speculators to steer clear of destabilizing the yuan, while the head of the Bank of Japan took a more subtle approach in hinting at the possibility of an eventual policy shift, in an interview which sent the yen soaring. The Bloomberg Dollar Spot Index fell as much as 0.6%, the most since August.
Bloomberg’s dollar gauge had just come off its eight straight weekly gain, its longest winning streak since at least 2005. The index had climbed some 5% from a mid-July low as better than expected US economic data prompted bets the Federal Reserve will keep rates higher for longer. On Monday, China escalated its defense of the yuan by delivering its strong verbal warning just hours after forceful guidance with its daily reference rate. In Japan, traders reacted to comments from BOJ Governor Kazuo Ueda on the possibility of ending the developed world’s last key negative interest-rate regime, a shift which would revive interest in the beleaguered yen.
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