Euro finds footing, dollar wobbles toward Fed minutes

SINGAPORE — The euro steadied on Wednesday and riskier currencies bounced, lifted by optimism Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You…
Euro finds footing, dollar wobbles toward Fed minutes

SINGAPORE — The euro steadied on

Wednesday and riskier currencies bounced, lifted by optimism

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China’s eventual emergence from COVID restrictions helps growth,

while investor focus turned to U.S. data and the Federal

Reserve.

The euro had lost 1% overnight, its sharpest drop

in more than two months, following a larger-than-expected drop

in German inflation, but it edged up from three-week lows to

$1.0566 in Asia trade.

The trade-and-China sensitive Australian dollar

strengthened 0.7% to $0.6735, recouping some of its overnight

losses, while the yuan nudged about 0.2% firmer to

6.9010 per dollar – creeping back toward Tuesday’s four-month

peak.

State media in China played down the severity of a surge of

COVID-19 infections on Tuesday as the country shifts out of

lockdowns and restrictions to living with the virus.

The Thai baht has scaled six-month highs on

expectations its economy will gain from improved tourism as

China drops quarantine for travelers and the Singapore dollar

hit an 18-month high on Tuesday.

Larger moves were capped in the still holiday-thinned Asia

session by looming economic data in the United States and the

release of minutes from last month’s Federal Reserve meeting.

“We’re back in to some A-league economic data, so maybe

we’ll get some more fundamentally-driven price action out of

that,” said National Australia Bank’s head of FX strategy, Ray

Attrill, in Sydney.

The yen was 0.2% stronger at 130.76 per dollar.

The U.S. dollar index rose 1% on Tuesday to 104.73,

mostly due to the euro’s drop, and it eased a little on

Wednesday to 104.47. Sterling hovered at $1.1986 and

the kiwi nudged 0.3% higher to $0.6263.

Headline German CPI fell to an annual 8.6% in December, from

10% the previous month, against expectations for 9.1%, data on

Tuesday showed, knocking the euro and rallying bunds.

========================================================

Currency bid prices at 0325 GMT

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar

$1.0568 $1.0549 +0.19% -1.37% +1.0570 +1.0541

Dollar/Yen

130.7150 131.0200 -0.14% -0.30% +131.4150 +130.6850

Euro/Yen 138.15 138.18 -0.02% -1.53% +138.5600 +138.0300

Dollar/Swiss

0.9336 0.9359 -0.15% +1.05% +0.9366 +0.9332

Sterling/Dollar

1.1986 1.1968 +0.15% -0.89% +1.2000 +1.1960

Dollar/Canadian

1.3638 1.3670 -0.25% +0.65% +1.3680 +1.3637

Aussie/Dollar

0.6774 0.6727 +0.71% -0.61% +0.6776 +0.6718

NZ

Dollar/Dollar 0.6262 0.6248 +0.25% -1.36% +0.6276 +0.6245

All spots

Tokyo spots

Europe spots

Volatilities

Tokyo Forex market info from BOJ

(Reporting by Tom Westbrook; Editing by Jacqueline Wong)

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