CENTRAL BANKS PLAN TO CUT DOLLAR HOLDINGS Central banks expect to gradually reduce their U.S. dollar reserves, according to an OMFIF survey. While the dollar remains the world's dominant reserve currency thanks to its liquidity and safety, more central banks now plan to cut dollar exposure over the next decade. The euro and China's renminbi are the main alternatives, though both face structural challenges. *Walter Bloomberg (@DeItaone) / Twitter · 06-30 19:47
YEN HITS 40-YEAR LOW AS INTERVENTION FEARS GROW The Japanese yen fell to its weakest level since 1986, fueling expectations of possible government intervention. China’s stronger-than-expected factory data helped steady the yuan and supported regional sentiment. The U.S. dollar remained firm ahead of Thursday’s payrolls report and potential U.S.-Iran talks, while most Asian currencies traded in narrow ranges. *Walter Bloomberg (@DeItaone) / Twitter · 06-30 19:29