US Dollar Starts Week Under Pressure as China, Japan Defenses Bite
- Yuan surges as PBOC pushes back against FX speculators
- Yen jumps as traders mull hawkish comments from BOJ’s Ueda
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The dollar’s record hot streak came under threat Monday as Asia’s biggest central banks took aim in different ways at the recent rally in the greenback.
The People’s Bank of China gave a strong warning to speculators to steer clear of destabilizing the yuan, while the head of the Bank of Japan took a more subtle approach in hinting at the possibility of an eventual policy shift, in an interview which sent the yen soaring. The Bloomberg Dollar Spot Index fell as much as 0.6%, the most since August.