Overview: The dollar is firmer against all the G10
currencies today. The market is somewhat less fearful of intervention and the
yen is extending yesterday’s losses. It is rivaling the Australian dollar for
the weakest of the major currencies after the Reserve Bank of Australia left
rates on hold and played down speculation of possibility of a rate hike. Both
currencies are off around 0.4% in late European morning turnover. Disappointing
German factory orders shows the fragility of the nascent recovery. Emerging
market currencies are mostly softer, led by the central European currencies. The
Chinese yuan is also seeing yesterday’s 0.45% gain pared. It is off about 0.15%
today. The offshore yuan is off for the second consecutive session and down
almost 0.45% this week after rising slightly
2024-05-07