US dollar has trimmed some last-week gains at the morning Asian session showing no clear trend. Last Friday the currency improved vs the Asian currencies on US stock market weakening.
Chinese yuan also decreased from the multiyear peaks against the US dollar and started this week with a decline. China will leave for the Lunar New Year this Friday.
The greenback strengthened against Asian currencies on Monday – USD-JPY pair changed hands at 108.69.
The US Dollar index decreased to 90.03.
The USD-AUD rate posted recovered to the opening level at today session after some rollback earlier today.
With better US dollar positions, CNY to USD fell 0.19% over the period under review.
The People's Bank of China has set the reference yuan rate at 6.3001 (6.3194 on Friday). The Chinese currency can be reference rate-based, with a 2% departure.
The Chinese yuan hit an all-time record in the US dollar pair last week. The hike is explained by the fact the yuan was gaining grounds, while US dollar, on the contrary, was sliding driven by the stronger economic situation, an anticipated increase in interest rate and stock market slump.
According to the rumors, Haruhiko Kuroda is likely to be appointed to the head of the Bank of Japan for another 5-year period, as its dates in the office will expire in April. In this situation, the bank's monetary policy is expected to remain extra soft which in turn can restrain yen upturn.
Australia's labor report will be in the spotlight this week. The data is to be announced on Thursday.