[...] off five- months lows, where it had been languishing since tariffs were announced. The Chinese yuan slipped to its lowest in more than six mont
[…] off five- months lows, where it had been languishing since tariffs were announced.
The Chinese yuan slipped to its lowest in more than six months after comments by China’s central bank chief were taken as indicating tolerance for a weaker yuan. Disappointing May import numbers China exacerbated the yuan’s weakness.
Turkey’s lira fell 0.1%, looking set to extend losses to a third day, amid deteriorating diplomatic ties with the United States. […] increasing pressure over Turkey’s decision to go ahead with its planned purchase of Russian air defense systems that are incompatible with Nato systems.
Investors will also be watching Turkey’s central bank meeting later this week.
Danske Bank’s senior economist, Vladimir Miklashevsky, expects the rate to be left unchanged at 24%, but writes that the rising possibility of a Fed rate cut and inflating real rates in Turkey combined with global monetary easing could push the bank to cut rates at this meeting or by third quarter.
South Africa’s rand gained 0.1%, after a 2.5% slide last week set off by data that showed the economy shrank more than expected in the first quarter and a consequent dispute within the ruling party on the central bank’s mandate.
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