Asian currencies keep gaining, except yen

Asian currencies keep gaining, except yen

On Friday, the greenback managed to claw back some of its losses versus Asian currencies because market participants didn’t care a dovish tone from Fed Chair Janet Yellen any longer, while political concerns relieved too. Nevertheless, Asian currencies kept gaining ground.

Estimating the US currency’s value versus six main currencies, the US dollar index decreased 0.04%, trading at 95.52.

The Chinese Yuan kept gaining ground versus the US major currency. The PBOC has already strengthened the reference rate around which the national currency is permitted to trade this week. In the morning the currency pair USD/CNY slid 0.03%, hitting CNY6.7818.

On Thursday, China posted an unexpected leap in both imports and exports. With stronger global demand exports added 11.3% year-on-year, while imports rallied 17.2%.

The greenback decreased versus the Korean won by 0.03%, hitting KRW1,136.

On Friday, the Japanese yen dropped versus the US dollar, thus giving up some early profits. It hit JPY113.44, declining 0.14% against the dollar.

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