USD appears friendless in Asia trade (except for the PBoC propping it up!)

AUD/USD has its highest since December 2, 2024.

EUR, GBP (highest since February of 2022!), NZD, CAD, CNH all rising also.

My headline remark about the People’s Bank of China ‘propping up’ the dollar is a jest. BUT … the PBoC didi flip its damping today to slow the rise of the CNY against the poorly performing USD:

• PBOC sets USD/ CNY reference rate for today at 7.1833 (vs. estimate at 7.1737)

Offshore yuan is rising regardless:

• Offshore yuan is hitting its highest since early November last year

This article was written by Eamonn Sheridan at www.forexlive.com.