The dollar fell on Friday, suffering a limited weekly loss, while the Chinese yuan rose to its highest level in 17 months, as investors bet on Joe Biden’s victory in the US presidency and on more stimulus spending in the United States.
The yuan’s jump, which came when the Chinese markets resumed their work after the Mid-Autumn holiday, is due, among other things, to catching up with the currency in foreign trade, which rose against the declining dollar during the week.
But as the Chinese currency continues to gain more than 1 percent, heading towards the largest daily profit in more than four years, dealers say it provides one of the clearest indications yet that Biden’s lead in opinion polls is leading bets on a more stable relationship between the United States and China.
The yuan rose in recent transactions 1.2 percent to 6.7112 per dollar in internal trading, and rose half a percent to 6.7024 per dollar in foreign trade. The dollar slipped 0.1 percent against a basket of currencies, down 0.4 percent for the week.
The risk-sensitive Australian dollar rose 0.2 percent today to $ 0.7179, which pushed it up slightly for the week, although analysts interpret Tuesday’s central bank statement as a sign of upcoming monetary easing.
The New Zealand dollar also recouped its losses incurred on Thursday, after a sign tending to further monetary easing from the Reserve Bank of New Zealand, and in recent trading it rose 0.4 percent to $ 0.6603.
The safe-haven Japanese Yen, which was sold off as sentiment improved, rose slightly to 105.85 per dollar today. And the Japanese currency is down about 0.5 percent this week.
The euro rose 0.1 percent to $ 1.1776 and the pound rose 0.2 percent to $ 1.2952, and held on to its rise this week as the prospects for a deal to leave Britain from the European Union improved.
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