The U.S. dollar was firm in Asia trade on Wednesday following surprisingly strong U.S. housing data, while the yuan and Aussie dollar nursed losses and focus turned to Federal Reserve Chair Jerome Powell’s appearance before Congress later in the day.
The Aussie and yuan were Tuesday’s largest losers and were in no mood for a bounce early on Wednesday. China had cut rates by less than expected and while its post-COVID recovery stalls, hoped-for major stimulus is yet to arrive.
The Aussie had taken a further beating thanks to Tuesday’s less-hawkish-than-expected central bank minutes following this month’s rate hike. It fell 0.9 percent overnight and last bought $0.6790. The New Zealand dollar was dragged lower in sympathy, breaking below its 50-day moving average before steadying just above its 200-day moving average at $0.6168.It is under pressure after the central bank flagged it was finished with hikes, while data showed the economy in recession.“From here we see further stagnation in growth,” said Mieneke Perniskie, a currency trader at Kiwibank in Wellington.
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