Forex News

The Chinese Yuan dips The yen goes up after bad data from factories.

Most Asian currencies went down on Monday after data showed that Chinese factories were slowing down. However, the Japanese yen continued its sharp rise against the dollar.

The Chinese yuan USD/CNY was worth 6.7479 dollars at 10:17 p.m. ET (02:17 GMT).This was a small drop from earlier in the day. The South Korean won USD/KRW, Philippine peso USD/PHP, and Malaysian ringgit USD/MYR all fell by about 0.1 percent against the dollar.

On the other hand, the Japanese yen rose by 0.6% to 132.44, which is a big change from when it hit a record low against the dollar.

On Sunday, official data from China showed that the country’s manufacturing sector shrank in July, which was a surprise. On Monday, a private survey showed that the sector was still growing, but that it was slowing down in the same way.

After a series of COVID-19 outbreaks this year, the world’s second-largest economy is still reeling from the lockdowns that were put in place to stop the disease from spreading. Concerns are also growing about a possible meltdown in China’s real estate market, which is full of debt and could spread to the rest of Asia.

Since China is an important export market for the rest of Asia, a slowdown in factory activity there is bad news for other Asian economies. In the wake of the news, oil and metal markets also went down.

But the losses in Asian currencies were not as bad as they could have been because the US Dollar Index fell by about 0.2%. Since last week, the dollar has been going down because people think that U.S. inflation has reached its peak. This could make the dollar less attractive as a safe haven this year.

Still, the Federal Reserve’s interest rate hikes in 2022 have led to a big rise in the value of the dollar, which has hurt Asian markets in general.

Now, attention is on the U.S. PMI and non-farm payrolls data, which will be released later this week.

Asia’s markets were also down on Monday because of bad news from South Korea. Data showed that the country’s trade deficit grew by a lot in July. This was due to a big jump in imports.

In July, the data on manufacturing in Japan also went down a little.

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