The dollar slipped on Monday as investors kept up selling pressure

The dollar slipped on Monday as investors kept up selling pressure, cutting bets on further dollar gains from rising U.S. rates, while turning hopeful that loosening lockdowns in China can help global growth and exporters’ currencies.

U.S equity futures bounced sharply in the Asia session and pulled the region’s risk-sensitive currencies along for the ride, even as Asia’s stockmarkets wobbled.

The Aussie rose 0.5% to $0.7091 and has lifted 3.8% in a week and a half. The kiwi rose 0.8% to $0.6458, a three-week hits.

“It’s a reasonably positive start to the week,” said National Australia Bank’s head of foreign exchange strategy, Ray Attrill.

“The U.S. dollar looks, for the time being, to be losing upside momentum,” he said, tracking a small rally in U.S. bonds that has driven yields lower in recent sessions.

The euro and yen rose, with the Japanese currency up 0.4% to 127.35 per dollar and the euro up 0.2% at $1.0586 following last week’s 1.5% gain on the dollar.

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