Yen, Swiss franc gain on China concerns, dollar drops



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Graphic: World FX rates Link

By Karen Brettell

NEW YORK, Nov 28 (Reuters) - The safe-haven Swiss franc and Japanese yen gained on Monday, while the Aussie dollar and Chinese yuan underperformed as protests against COVID restrictions in China knocked market sentiment.

The U.S. dollar dipped, meanwhile, which analysts said was unusual as it ran counter to its typical role as a safe haven.

Hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over China's stringent COVID restrictions flared for a third day and spread to several cities in the wake of a deadly fire in the country's far west.

"We're really looking at the government response to what's happening... the government response is so unpredictable, and of course that just means de-risking," said Chris Weston, head of research at Pepperstone.

The greenback dipped 0.46% to 138.51 Japanese yen JPY=EBS , and fell 0.41% against the Swiss franc CHF=EBS to 0.9440. The Euro EUR=EBS gained 0.29% to $1.0433.

Shaun Osborne, chief FX strategist at Scotiabank in Toronto, said that the move in the dollar could reflect a shift in market sentiment towards the U.S. currency, but noted that its too soon to be certain.

“It does suggest perhaps that the swing against the dollar in the sense of the broader market mood or market positioning is perhaps running a little bit deeper this morning and that might well be significant,” Osborne said.

The dollar index =USD has fallen to 105.85 from a 20-year high of 114.78 on Sept. 28 on expectations that its rally may have been overstretched and as the Federal Reserve looks to slow its pace of rate increases.

The risk sensitive Aussie dollar AUD=D3 was the worst performing major currency, falling 0.93% to $0.6692. The currency was also dented by data showing that Australian retail sales suffered their first fall of 2022 in October as rising prices and higher interest rates finally seemed to have an impact on spending.

The offshore yuan CNH= weakened against the dollar to 7.2273.

Fed policy will remain a key focus for the market this week with Fed Chair Jerome Powell due to speak on Wednesday, and with key jobs data for November due on Friday.

The U.S. central bank is expected to hike rates by an additional 50 basis points when it meets on Dec. 13-14. FEDWATCH

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Currency bid prices at 9:48AM (1448 GMT) Description

RIC

Last

U.S. Close Pct Change

YTD Pct

High Bid

Low Bid

Previous

Change

Session

Dollar index

=USD

105.8500

106.3400

-0.44%

10.649%

+106.5200 +105.3100 Euro/Dollar

EUR=EBS

$1.0433

$1.0403

+0.29%

-8.23%

+$1.0497

+$1.0342 Dollar/Yen

JPY=EBS

138.5100

139.1650

-0.46%

+20.33%

+139.4350 +137.5000 Euro/Yen

EURJPY=

144.50

144.75

-0.17%

+10.88%

+145.0000 +143.0600 Dollar/Swiss

CHF=EBS

0.9440

0.9480

-0.41%

+3.50%

+0.9479

+0.9407 Sterling/Dollar GBP=D3

$1.2053

$1.2089

-0.28%

-10.86%

+$1.2118

+$1.2027 Dollar/Canadian CAD=D3

1.3454

1.3400

+0.41%

+6.41%

+1.3473

+1.3395 Aussie/Dollar

AUD=D3

$0.6692

$0.6756

-0.93%

-7.92%

+$0.6728

+$0.6667 Euro/Swiss

EURCHF=

0.9849

0.9833

+0.16%

-5.03%

+0.9890

+0.9793 Euro/Sterling

EURGBP=

0.8654

0.8598

+0.65%

+3.02%

+0.8675

+0.8587 NZ

NZD=D3

$0.6208

$0.6247

-0.59%

-9.27%

+$0.6244

+$0.6193 Dollar/Dollar

Dollar/Norway

NOK=D3

9.9245

9.8765

+0.60%

+12.79%

+9.9800

+9.8835 Euro/Norway

EURNOK=

10.3517

10.2549

+0.94%

+3.38%

+10.3856

+10.2623 Dollar/Sweden

SEK=

10.4313

10.4112

+0.61%

+15.67%

+10.5028

+10.3700 Euro/Sweden

EURSEK=

10.8834

10.8171

+0.61%

+6.35%

+10.8988

+10.8406
Additional reporting by Harry Robertson in London and Rae Wee in Singapore, Editing by Nick Zieminski

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