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:

usd index 24 November 2022