Dollar knocked from 20-year high; yuan slide pauses - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 5/16/2022 11:12 PM
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The dollar fought for a footing on Tuesday and the tumbling Chinese yuan found a floor as investors trimmed bets on whether US interest rate rises will drive further dollar gains.

The greenback has edged from a two-decade high this week and was a touch softer across the board in early Asia trade, while US bond yields have pulled back slightly as traders reckon aggressive near-term hikes will drag on longer-run US growth.

China’s yuan was steady at 6.7953 per dollar in offshore trade, and seems to be finding a base after sliding more than 6% in a month. China cut mortgage rates for first-home buyers over the weekend and on Monday, sources told Reuters that authorities had asked some financially healthy property developers to sell bonds in order to help boost market sentiment.

He added that a pause inits slide as well as a calming of markets’ volatility generally has paused dollar gains, for now.

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Here's the DXY.. not exactly fighting for footing in the long run, me thinks..

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