USD Hits New Lows

London: 21 November 2023 (TraderMade): The US dollar hit new lows against major currencies, including the euro and yen, fueled by a robust yuan and market anticipation ahead of Federal Reserve minutes.

USD collapsing

• At about 9 AM GMT, the US Dollar/Chinese Yuan (USDCNY) was at 7.0982, showing a 0.988% decrease against the close yesterday at 7.1691.
• The Euro/US Dollar (EURUSD) pair saw a 0.06% increase to 1.0947.
• The US Dollar/Japanese Yen (USDJPY) closed on Monday at 148.38501 and slipped to 147.427, indicating a 0.65% decrease.
• The New Zealand Dollar/US Dollar (NZDUSD) pair increased by 0.623% to 0.60745.
• The Australian Dollar/US Dollar (AUDUSD)also increased by 0.24% to 0.65719 compared to its Monday close at 0.65563.
• The Pound Sterling/US Dollar (GBPUSD) rose by 0.207% to reach 1.25309 today.
• The US Dollar Index (USDX) declined by 0.137% to reach 103.229 this morning.

Chinese firm currency fixing and potential property sector support boosted market sentiment. The report indicated that Chinese regulators are preparing a list of 50 developers eligible for funding.

Analysts caution that the dollar's downward trend may slow, awaiting insights from the Fed minutes scheduled for 7:00 PM GMT and a speech from European Central Bank President Christine Lagarde.

While emerging market currencies in Asia hit fresh highs, attention turns to Argentinian markets resuming trade after the election of libertarian Javier Milei as president.