US DOLLAR STEADIES AS THE GREENBACK NOT IMPRESSED BY CHINA’S STIMULUS PLAN
- The US Dollar trades steadily on Tuesday after Asian equity markets rallied on China’s stimulus plans.
- China wants to restart its economy with a 500 billion Yuan injection.
- The US Dollar Index consolidates in its September range near the yearly lows.
The US Dollar (USD) trades mixed on Tuesday after the Chinese government issued measures to reboot its sluggish economy. The main key elements of the plan are the 500 billion Yuan (CNY) cash injection and the liquidity line with the People’s Bank of China (PBoC) that allows funds and brokers to draw cash for buying stocks. This caused the Chinese Yuan (CNY) to rally nearly 0.50% against the Greenback during the Asian trading session on Tuesday.
On the economic data front, a relatively light calendar ahead with some second-tier data on Tuesday. The Richmond Fed Manufacturing Index for September might be the most market-moving, apart from the Federal Reserve Governor Michelle Bowman, who is expected to comment about the US economic outlook and monetary policy.
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