Published On: Tue, Oct 19th, 2021
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Dollar Drops as Rate-Hike Bets Profilerate Elsewhere, Yuan Hits 4-Month Peakon October 19, 2021 at 12:07 pm

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LONDON—The dollar retreated on Tuesday to a three-week low, hit by a proliferation in rate-hike bets in other markets, while the yuan surged to its highest in four months, benefiting from greenback weakness and a slight easing in property market concerns. A robust start to the U.S. earnings season and hopes that China will be able to contain its property market malaise boosted global stock markets, lifting currencies such as the Australian and New Zealand dollars and the Norwegian crown that benefit when risk sentiment and commodity prices are high. The dollar index, which measures the greenback against six peers, sank as low as 93.501 for the first time since Sept. 28, before inching up to 93.565, 0.35 percent down on the day. A week ago, the dollar index reached a one-year high of 94.563, benefiting from stagflation fears as well as bets the Federal Reserve would begin tapering its …

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