American Greenback Loses Ground As Fed Cut Bets Rise: Report
TEHRAN (Tasnim) – The US dollar ebbed on Monday as investors revived their bets of early rate cuts by the Federal Reserve, while the yuan fell to a one-month low after China’s central bank surprised markets by keeping its medium-term policy rate steady.
The People’s Bank of China (PBOC) left interest rates unchanged when rolling over maturing medium-term policy loans, defying market expectations for a cut to shore up China’s bumpy post-pandemic economic recovery, according to Reuters.
That sent onshore yuan sliding to a one-month low of 7.1813 per dollar, while its offshore counterpart fell as far as 7.1906 per dollar, languishing near Friday’s one-month trough.
