{"id":10744,"date":"2022-03-16T05:32:22","date_gmt":"2022-03-16T05:32:22","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=10744"},"modified":"2022-03-16T05:32:22","modified_gmt":"2022-03-16T05:32:22","slug":"the-dollar-is-nearing-a-five-year-high-against-the-yen-ahead-of-the-fed-while-the-australian-dollar-is-weak-due-to-china-concerns","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/the-dollar-is-nearing-a-five-year-high-against-the-yen-ahead-of-the-fed-while-the-australian-dollar-is-weak-due-to-china-concerns\/","title":{"rendered":"The dollar is nearing a five-year high against the yen ahead of the Fed, while the Australian dollar is weak due to China concerns"},"content":{"rendered":"<h1>The dollar is nearing a five-year high against the yen ahead of the Fed, while the Australian dollar is weak due to China concerns<\/h1>\n<p>On Wednesday, the dollar traded near a five-year high against the yen as investors awaited a Federal Reserve policy decision against the backdrop of the Ukraine war and China&#8217;s surging COVID-19 cases. Treasury yields jumped ahead of the Federal Open <a href=\"https:\/\/www.xtrememarkets.com\/US\/market-news\/\"><strong>Market Committee<\/strong><\/a> decision, boosting the dollar against its Japanese counterpart, with traders fully pricing in the first interest rate hike in three years and giving a 13 percent chance of a half-point increase.<\/p>\n<p>The dollar was also near its highest level this month against the Australian dollar, as commodity prices fell from multi-year highs, as markets remained hopeful that Russia-Ukraine talks would lead to an end to hostilities. Australia&#8217;s currency was also under pressure as top trade destination China saw new COVID cases more than double to a two-year high on Tuesday, raising concerns about the rising economic costs of the disease&#8217;s zero-tolerance policies.<\/p>\n<p>Meanwhile, the euro has resumed its recovery from a near-22-month low earlier this month. This contributed to the dollar index remaining stable around 99.0, after reaching a high of 99.415 at the start of last week. &#8220;Whether forlorn or otherwise, there does seem to be some enduring optimism (coming from) the fact that Russia and Ukraine are still talking,&#8221; said Ray Attrill, head of FX strategy at National Australia Bank, helping the euro to stabilize.<\/p>\n<p>In terms of the greenback, &#8220;the bigger question will be that there&#8217;s a lot of historical evidence that the dollar peaks as soon as the Fed begins the tightening cycle, so there&#8217;s a lot of interest in whether what the Fed does turns out to be something of a watershed in terms of a peak,&#8221; Attrill said, with the dollar index peaking around 100. The dollar index was last at 98.880, slightly lower than on Tuesday. The euro rose 0.14 percent to $1.09695, up from a low of $1.08060 on March 7. The Australian dollar rose 0.08 percent to $0.72015 after falling to $0.71650 in the previous session for the first time since February 28.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The dollar is nearing a five-year high against the yen ahead of the Fed, while the Australian dollar is weak due to China concerns On Wednesday, the dollar traded near a five-year high against the yen as investors awaited a Federal Reserve policy decision against the backdrop of the Ukraine war and China&#8217;s surging COVID-19<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/the-dollar-is-nearing-a-five-year-high-against-the-yen-ahead-of-the-fed-while-the-australian-dollar-is-weak-due-to-china-concerns\/\">continue reading<\/a>.","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[265,267,194,24,162,270,263,201],"yoast_head":"<!-- This site is optimized with 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