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The safe-haven yen sank to its lowest in nearly three months on Monday, while the risk-sensitive Australian dollar continued to recover from an almost one-month low, as fears of widespread contagion from China Evergrande Group receded.
The yen also fell as higher U.S. yields attracted Japanese investor money, while rising commodity prices helped the Aussie and Norway’s crown.
U.S. yields climbed to their highest since the start of July in anticipation of tighter U.S. monetary policy, while the dollar hovered in the middle of its range of the past week versus major peers.
The euro traded little changed at $1.1724, largely ignoring developments in German elections on the weekend, with the Social Democrats projected to narrowly defeat the CDU/CSU conservative bloc.
The Federal Reserve announced on Wednesday that it will likely begin to trim its monthly bond purchases as soon as November and flagged interest rate increases may follow sooner than expected, with half of Federal Open Market Committee members projecting a hike next year.
The dollar was down on Monday morning in Asia, while the yen, a fellow safe-haven asset, sank to its lowest level in nearly three months.
Riskier assets, such as the Australian dollar, continued to recover from an almost one-month low as fears of the economic contagion from China Evergrande Group’s (HK:3333) debt situation receded slightly.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged down 0.12% to 93.222 by 12:11 AM ET (4:11 AM GMT).
The USD/JPY pair edged down 0.14% to 110.56.
The AUD/USD pair was up 0.32% to 0.7281 and the NZD/USD pair edged up 0.12% to 0.7020.
The USD/CNY pair edged down 0.12% to 6.4585 and the GBP/USD pair inched down 0.04% to 0.3677.
The benchmark 10-year U.S. Treasury yield climbed to 1.466% for a second day on Monday, its highest level since Jul. 2, 2021.
Gold was up on Monday morning in Asia, with risk appetite decreasing as concerns over China Evergrande Group’s (HK:3333) debt situation, and its potential economic impact, continue.
Gold futures were up 0.43% to $1,759.30 by 11:40 PM ET (3:40 AM GMT).
China’s Ministry of Housing and Urban-Rural Development tightened scrutiny of China Evergrande’s bank accounts to ensure funds are used to complete housing projects and not diverted to pay creditors. The developer missed a payment on offshore bonds during the previous week, with a second payment due later in the week.
Its electric-car unit, China Evergrande New Energy Vehicle Group, will also not proceed with a proposed issue of CNY-denominated shares.
Demand for physical gold in China, a top consumer, rose during the previous week as investors sought safety in the safe-haven yellow metal as they monitor the ongoing situation at China Evergrande.
However, benchmark 10-year U.S. Treasury yields climbed to their highest since early July 2021, which capped further gains for the yellow metal.
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