Dollar surges to over one-month high amid China concerns, yen remains steady.

U.S. Dollar Hits‌ One-Month High Amid Concerns About ⁤China’s Economy

By Hannah Lang and Harry Robertson

WASHINGTON/LONDON (Reuters)⁤ – The U.S. dollar hit more than a one-month high on Monday ⁤as investors sought a ⁤safe⁢ haven⁤ due ⁢to concerns about China’s economy, ​and traders braced⁢ for possible⁤ Japanese government intervention‌ after the yen ​hit its lowest level since November.

The dollar ⁢index, which tracks​ the ‍currency against its‌ major peers, was up 0.36% ⁤to 103.23, its highest level in more‌ than a​ month.

Analysts said investors bought ⁢the dollar‌ as shelter from concerns about ​the health ‍of the global economy, particularly ‍China.

A source told Reuters that Country Garden, ⁢China’s largest private developer, is seeking⁢ to delay payment on a private onshore bond for the first ⁢time, in a new sign‍ of ⁢stress ‌in the sector.

Meanwhile, two Chinese⁢ listed companies said at the weekend they had not received payment on ⁣maturing investment products from asset manager Zhongrong⁣ International Trust‍ Co.

“A lot of traders are focusing again on China,” said Edward Moya,‌ senior market analyst at OANDA. “I think there’s so ‍much concern with just their growth outlook, with ⁣their current⁤ property crisis, and‌ I think one of the biggest wealth managers not​ being able to make [their] debt obligations is a big red flag.”

Japan’s yen was trading⁣ at its lowest level since November at​ 145.35 per dollar, with the dollar up‌ 0.26% against the currency.

The Bank of Japan has stuck to its ultra-loose monetary ⁣policy as⁤ other⁣ global central⁢ banks ⁤hiked ⁣interest rates, making returns ⁣in other countries‍ look more attractive and weighing heavily ‌on the yen.

Japan intervened​ in currency markets last September when the dollar rose⁢ past ⁢145 yen, prompting the Ministry of Finance (MOF) to buy ​the yen and push the pair back to around 140⁣ yen. The yen is down nearly 10% against the dollar for the⁣ year.

“Lack of verbal intervention so far suggests that the patience level ⁣of Japanese authorities may have ‍gone up after the latest tweak to monetary policy and the ⁣disinflation trends in the United States,” said Charu Chanana, a market strategist​ at Saxo‌ Markets.

“Still, traders are potentially cautious of⁤ that 145 handle.”

The Australian dollar slid‌ to its lowest level since May ‍at $0.6456 and was last down 0.30% versus the U.S. dollar at $0.648. The‌ currency is often seen as a‌ proxy for investor⁢ sentiment ​on ⁣China.

Sterling was last down⁤ 0.34%‍ to $1.2653, while⁤ the euro was 0.46% lower‌ at $1.08965.

Russia’s rouble ​fell past 100 ⁤per U.S. dollar⁣ on ⁢Monday, driven in large part by the Russian current account surplus shrinking as⁢ energy export revenue dropped and government‌ spending on‌ the‌ Ukraine war remained high.

“Whenever you fall through some key technical‍ levels, it reminds traders, it reminds markets of just how hard ⁢hitting this⁢ war has been ⁤on the Russian economy,” said Moya.

Economic data could ‍move currencies later in the week, as investors will⁣ scrutinize Chinese industrial‌ output and‌ consumer spending data on Tuesday, ⁣before minutes from the latest U.S. Federal Reserve meeting on Wednesday. British inflation figures are also ‌due on Wednesday.

Japanese GDP data is due on Tuesday, ahead⁣ of inflation​ figures ⁤on Friday.

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Currency bid prices at 10:30AM (1430 GMT)

• Description: RIC
• Last: U.S. Close
• Pct Change: YTD Pct
• High Bid: Low Bid

• Dollar index: 103.2300
• Euro/Dollar: $1.0896
• Dollar/Yen: 145.3150
• Euro/Yen: 158.35
• Dollar/Swiss: 0.8794
• Sterling/Dollar: $1.2654
• Dollar/Canadian: 1.3460
• Aussie/Dollar: $0.6476
• Euro/Swiss: 0.9582
• Euro/Sterling: 0.8608
• NZ: $0.5965
• Euro/Norway: ⁤11.4147
• Dollar/Sweden: 10.8386
• Euro/Sweden: 11.8063

(Reporting by Hannah ‍Lang ‌in Washington⁤ and Harry Robertson in London; Additional⁤ reporting by Ankur ⁣Banerjee ⁢in ⁤Singapore; Editing by Susan Fenton, Kirsten‌ Donovan and⁢ Paul Simao)

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