[ad_1]
The dollar fell overall on Thursday as risk appetite stabilized as a result of the strength of China's trade statistics and Beijing's efforts to slow the decline of the yuan, encouraging investors to buy riskier currencies.
The data show that Chinese exports rose 3.3% in July compared to the previous year, while badysts forecast a 2% decline, while policymakers set the daily value of the yuan to higher than expected, even if it remains above the level of seven yuan against the dollar. For the first time since the global financial crisis.
The dollar index, which tracks the greenback's performance against a basket of currencies, remained stable at 97.58, but fell 0.1% against the Australian dollar and the British pound.
"Recent comments by Chinese officials suggest that they want to stabilize their currency or that the sharp fall of the currency could encourage an outflow of capital," said Manuel Oliveri, foreign exchange strategist at Credit Agricole in London.
"The other factor that has boosted risk sentiment is the rising tide of central bank rate cuts," he said.
New Zealand joined India and Thailand this week by lowering interest rates, while markets expect other major central banks to also join the wave of monetary easing.
Market expectations that the Fed will cut interest rates by more than a quarter of a point in September continue to weigh heavily on bond markets, despite a jump in global markets overnight.
These expectations led to a fall in the dollar against the euro and the yen.
The yen rose slightly against the dollar to 106.185 yen against the dollar. It hit 105,500 yen overnight, its highest level since Jan. 3, before weakening slightly. (Reuters)
[ad_2]
Source link
