ForexLive Asia-Pacific FX news wrap: USD continued to drip lower | Forexlive

The
move lower for the US dollar on Wednesday carried on here during Asia
trade today. Greg highlighted the data, and FOMC minutes, influences
in the wrap (see points above for link).

There
was little else new to catalyse the further decline, but decline it
did.

The
focus was yet again on China, where new COVID cases hit a record
high. Attention was also on the aftermath of the worker riots at the
Foxconn main iPhone plant. Video footage has leaked out showing the
violence.

On
a more positive note, there was news of further support for the
property sector. Country Garden scored an up to US$50bn credit
facility from a state bank. Property sector shares in China rose
strongly during the session.

In
central bank news Bank of Canada Governor Macklem and Senior Deputy
Governor Rogers testified in front of a parliamentary committee. The
Bank of Korea raised its benchmark interest rate by 25 basis points
to 3.25%, a smaller hike than its previous move. The +25 was in line
with consensus expectations.

Dollar index: