Forex
Dollar Consolidation Amid PBOC Yuan Boost
The US dollar has been trading in narrow ranges against major currencies, including the G10. The People's Bank of China (PBOC) set a higher yuan exchange rate, boosting the offshore currency to its best level since early July 2022. This comes after benchmark 10-year yields jumped in Europe, with the French yield rising by 12 basis points and dragging peripheral premiums wider.
The yen is slightly lower against the dollar despite softer rates. Japanese markets are closed until Thursday, but the currency has still managed to fall by about 0.20% through the European morning.