A surging U.S. dollar tops a closely watched threshold versus China's yuan.
The surge in the U.S. dollar continues to reverberate through global financial markets and moved Thursday through an important threshold versus China’s currency.
That said, analysts and traders said the move that saw the U.S. dollar push above 7 yuan to the dollar for the first time in more than two years remained relatively orderly this time around in a move that’s more about broad-based strength for the U.S. currency. To be sure, worries about China’s economy as it continues to pursue widespread lockdowns as part of its zero-COVID policy and deals with the aftermath of a property bubble have certainly been a weight on the yuan. The dollar, however, has been on a tear versus all major rivals with the Federal Reserve seen on track to continue delivering jumbo interest rate hikes next week as policy makers affirm their commitment to wrestling down inflation that continues to run well above target.The ICE U.S.
The European Central Bank has shown its “leanback” through monetary policy, lifting rates by 75 basis points last week, the analysts wrote, while Japanese officials “have shown their leanback through verbal intervention.”
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