The dollar was firm through Asia trade on Monday, following five straight weeks of gains, as investors looked ahead to the Federal Reserve’s Jackson Hole symposium for guidance on where rates might settle when the dust of this hiking cycle clears.
The U.S. dollar made a gain of 0.7% on the euro last week, inched ahead on the yen and surged by more than 1% on the Antipodean currencies as U.S. Treasury yields leapt in anticipation of interest rates staying higher for longer.
In Asia, the Australian dollar , at $0.6406, and the New Zealand dollar , at $0.5919, were pinned uncomfortably close to last week’s nine-month lows after China’s rate cut disappointed markets worried about a stalling economy.
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