Dollar Flat as Growth Outlook Darkens, Yuan Firms as China Eases Curbs
SINGAPORE/LONDON—The dollar was little changed on Wednesday after some of the biggest U.S. banks warned of an impending recession, while China’s yuan firmed as authorities loosened some of the country’s zero-COVID rules.
Top bankers from JPMorgan Chase & Co., Bank of America, and Goldman Sachs said overnight that the banks are bracing for a worsening economy next year as inflation and high interest rates cut into consumer demand.
The greenback was up 0.32 percent against the Japanese yen following a 0.16 percent gain on Tuesday. Yet the euro was flat against the dollar at $1.048, after falling 0.2 percent in the previous session….