The dollar drifted from a two-month high on Thursday as investors trimmed bets the Federal Reserve will raise interest rates this month, though a vote of approval from the U.S. House to suspend the debt ceiling lent some support to the greenback.
a bill to suspend the $31.4 trillion debt ceiling, and the focus now turns to how it will fare in the Democratic-led Senate just days before the federal government is expected to run out of money to pay its bills.
Markets are now pricing in a roughly 38% chance that the Fed will raise rates by 25 basis points at its upcoming meeting, as compared to a near 67% chance a day ago, according to the CME FedWatch tool. The yuan had fallen nearly 3% against the dollar in both the onshore and offshore markets in May, as China's post-COVID economic recovery struggles to gain steam.showed that China's factory activity shrank faster than expected in May, falling to a five-month low of 48.8.
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