Wed. Oct 28th, 2020

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Dollar recovers

1 min read

Dollaar and Yuan

The dollar bounced back from a three-week low on Tuesday as market players bought it back, particularly against riskier peers, after Chinese authorities appeared to be trying to put a brake on recent rises in the yuan.

The Australian dollar lost about a half percent, taking an additional hit from media reports China has halted coal imports from the country as their relations deteriorate.

But overall risk sentiment was propped up by hope that former U.S. Vice President Joe Biden will beat President Donald Trump in the Nov. 3 U.S. election and push forward with a large stimulus to shore up a pandemic-hit economy.

The Chinese yuan fell 0.1% to 6.7500 per dollar, after the central bank set a weaker than forecast midpoint, offsetting any boost from strong Chinese trade data.

 

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