US dollar

China’s currency is becoming more important in the global financial system but the dollar is still in control

Hedge funds, asset managers and other speculators accumulate US$27.8 billion worth of bets that it will strengthen

An ECB rate hike has long been expected

The euro is flat, while sterling is little changed

A rising Hibor narrows the interest rate gap between the US dollar and Hong Kong dollar

Fed funds futures traders see a 70% chance of a hike by December, says financial dashboard CME FedWatch

The greenback held most of the gains made on the back of Friday’s non-farm payrolls report

The move signals a relaxation of a ceiling imposed in 2023, when the renminbi was under pressure

Borrowing costs in the city state tend to closely track global interest rates, especially those of the US