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The dollar held near a two-month high against the yen on Monday after a key measure of U.S. inflation showed stronger price gains than expected, keeping alive expectations of an eventual tapering in the Federal Reserve’s asset buying.
The Chinese yuan, which has been supported by a strong economic recovery, extended a recent rally to three-year highs even as Chinese authorities appeared to try to curb its rise.
The dollar ticked down 0.2% to 109.64 yen in a trade dominated by month-end dollar selling from Japanese exporters, but stood not far from Friday’s peak of 110.20, which was its highest since early April.
The U.S. inflation data released on Friday also briefly drove the greenback higher against other currencies that day, though the currency ran out of steam ahead of a long weekend in New York and London.
Gold was up on Monday morning in Asia against a weaker dollar and lower bond yields after the worlds’ largest gold consumer China released key economic data.
Gold futures edged up 0.15% to $1,908.25 by 1:49 AM ET (5:49 AM GMT), remaining above the $1,900-mark. The gold contract rolled over to the Aug 21 contract on May 30.
The dollar, which usually moves inversely to gold, inched up on Monday and the Benchmark U.S. 10-year Treasury yield fell to 1.593%.
The Chinese data said that the Manufacturing Purchasing Managers Index (PMI) was 51 and the non-manufacturing PMI was 55 in May, both remaining above the 50-mark indicating growth. However, the manufacturing PMI was slightly below forecasts.
Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week to see how producers will respond.
Brent crude futures for August rose 50 cents, or 0.7%, to $69.22 a barrel by 0614 GMT after settling at their highest in two years on Friday. U.S. West Texas Intermediate crude for July was at $66.87 a barrel, up 55 cents, or 0.8%.
U.S. and UK markets are closed on Monday due to public holidays.
Both contracts are on track for a second monthly gain as analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports.
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