ForexLive Asia FX news wrap: US yields and dollar tick a little higher

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Forex news for Asia trading
for Friday
12
March 2021

It
was a fairly uneventful session and the small ranges for major FX
reflect this. We had rumours of the BOJ dropping its ETF buy target
(only a rumour – and Japanese stocks went up today so it seems to
have been shrugged off there), US President Biden’s first address
to the nation (with commitments on vaccinations and loosening
distancing restrictions), an Asian country (Thailand) halted
AstraZeneca vaccination shots on clot concerns (Denmark news Thursday
Europe time) and US Treasury Secretary Yellen saying some Americans
would recive $1400 checks as soon as this weekend.

As
the headline to the wrap says the moves were, in summary, higher US
yields and a higher US dollar. Major FX declined against the USD
across the board, as did gold.

The
People’s Bank of China set the onshore yuan more strongly than
expected in
the reference rate.

Regional
stocks were mixed: