The dollar began the week on the back foot, following its first weekly loss in nearly two months, as investors cut bets on further dollar gains from rising U.S. rates and turned hopeful that loosening lockdowns in China can help global growth.
U.S stock market futures bounced sharply in early Asia trade and pulled the risk-sensitive Australian and New Zealand dollars along for the ride.
The euro and yen rose, with the yen up 0.1% to 127.83 per dollar and the euro up 0.2% at $1.0586 following last week's 1.5% gain on the dollar. "Given the type of policy support, we expect investment to rebound faster than consumer spending," he said. "Investment is mining commodity-intensive very positive for commodity currencies such as the Australian dollar and Canadian dollar, in addition to the yuan."Shanghai is edging out of lockdown and an unexpectedly big rate cut in China last week has been taken a signal that authorities are going to provide support to a recovery.
The Canadian dollar rose for a third straight week last week and was a touch higher at C$1.2814 per dollar early on Monday.
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