SINGAPORE: The US dollar rose broadly on Tuesday (Jun 20) and notched a seven-month high against the yen, while the yuan slipped after China cut two benchmark lending interest rates for the first time in 10 months. China on Tuesday lowered its one-year and five-year loan prime rates (LPR) by 10 basis point
SINGAPORE: The US dollar rose broadly on Tuesday and notched a seven-month high against the yen, while the yuan slipped after China cut two benchmark lending interest rates for the first time in 10 months.
"The extent of the lowering - we're talking basis points, not percentages, so it's not really going to move the dial," said Rodrigo Catril, senior currency strategist at National Australia Bank . The greenback peaked at 142.26 yen in early Asia trade, its highest since November, following the Bank of Japan's decision on Friday to maintain its ultra-easy monetary policy.
The Australian dollar fell 0.42 per cent to US$0.6818, after minutes from the Reserve Bank of Australia's policy meeting this month showed the board considered leaving rates unchanged given consumer spending was clearly slowing, but felt risk to inflation had shifted to the upside. Sterling rose 0.05 per cent to US$1.2797, ahead of British inflation data and the Bank of England's interest rate decision later in the week.
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