Wed. Jun 7th, 2023

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Aussie and Kiwi fall

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Aussie dollar and Kiwi

The Australian dollar – seen as a liquid proxy for risk – was down around 0.5% at 0.7738 versus the U.S. dollar. The New Zealand dollar was also down on the day, by around 0.6% .

The dollar rose around 0.2% against China’s offshore yuan, with the pair changing hands at 6.477 at 0834 GMT.

A vice governor at the People’s Bank of China said on Friday that China’s monetary policy would provide the necessary support for the country’s economic recovery in 2021 and the central bank would keep the yuan stable.

The dollar rose and riskier currencies fell on Friday, as President-elect Joe Biden rolled out a $1.9 trillion stimulus plan that was offset by fresh U.S.-China tensions and a rise in COVID-19 infections in China.

The dollar index is on track for its biggest weekly gain since November 2020, with its recent recovery from three-year lows challenging the narrative of dollar bearishness for 2021.

At 08:30 GMT, the dollar index was at 90.458 versus a basket of currencies, up 0.2% on the day. It was on track for a weekly gain of around 0.4%, making this its strongest week since November 2020.

Against a stronger dollar, the euro was down 0.3% at $1.2121 at 0831 GMT.

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