Mon, October 03, 2022

China Evergrande Group and its Impact on U.S. Dollar 

dollar, usd-cad-american-canadian-dollars

The greenback hovered above a one-week low versus main peers on September 24, as questions remained regarding the fate of property giant China Evergrande Group. The dollar index, which measures the U.S. currency against a basket of six rivals, gained 0.8% to 93.175. On Thursday, the dollar index dropped 0.36% to its lowest point since September 17 at 92.977. That result erased gains for the week, and set the dollar index up for a 0.09% decline.

The dollar was hurt after China injected new cash into the financial system one day earlier. On Thursday, China Evergrande Group announced it would make interest payments on an onshore bond.

The greenback added 0.16% to 110.57 yen for the first time in more than a month, as benchmark U.S. Treasury yields rose to as high as 1.452% in Tokyo. 

The pound dropped 0.3% to $1.3685 after rising as far as $1.3750 overnight for the first time since September 20.

The single currency was mostly flat at $1.11731 on  September 24, after recovering from a more than one-month low of $1.16835.

The Australian dollar dropped 0.5% to $0.7258 after touching a one-week high of $0.73165. The New Zealand dollar fell 0.5% to $0.7033. 

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