Asia FX surges as dollar plumbs 2-½ mth low before Fed minutes.
Most Asian currencies rose sharply on Tuesday as easing concerns over higher U.S. interest rates spurred heavy losses in the dollar, with focus now turning to the minutes of the Federal Reserve’s October meeting.
Optimism over China also aided sentiment, as local media reports suggested that the government was planning to roll out more supportive measures for the beleaguered property sector.
The Chinese yuan was among the best performers for the day, rising 0.5% to 7.1346 to the dollar- its strongest level since late-July. The currency was also supported by a series of stronger-than-expected daily midpoint fixes by the People’s Bank, as Beijing moved to quell more weakness in the currency.