{"id":135720,"date":"2021-08-16T12:04:27","date_gmt":"2021-08-16T12:04:27","guid":{"rendered":"https:\/\/precoinnews.com\/?p=135720"},"modified":"2021-08-16T12:04:27","modified_gmt":"2021-08-16T12:04:27","slug":"dollar-trims-recent-losses-after-weak-china-data","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/dollar-trims-recent-losses-after-weak-china-data\/","title":{"rendered":"Dollar trims recent losses after weak China data"},"content":{"rendered":"

LONDON (Reuters) – The dollar crept higher on Monday as disappointing economic activity data from China helped the greenback claw back some recent losses after a shocking slump in consumer sentiment on Friday weakened the U.S. unit.<\/p>

FILE PHOTO: A security guard walks past a montage of old U.S. dollar bills outside a currency exchange in Kenya’s capital Nairobi July 23, 2015. REUTERS\/Thomas Mukoya<\/figcaption>

Against a basket of other currencies, the greenback edged higher to 92.60 after falling to a one-week low of 92.468 on Friday. Its gains were the most pronounced against the Chinese yuan and the Australian dollar, against which it advanced 0.1% and 0.6% respectively.<\/p>\n

But currencies stuck to broad trading ranges as investors were wary of taking large bets in a busy week for central banks.<\/p>\n

China\u2019s July retail sales, industrial production and fixed asset investment were all weaker than expected as the latest COVID-19 outbreak weighed on the world\u2019s second-biggest economy.<\/p>\n

Long positions on the greenback swelled to their biggest levels since March 2020 suggesting the dollar\u2019s recent move lower was more a temporary setback than the beginning of a structural downtrend.<\/p>\n

The release of the Fed minutes this week will be key to the short-term outlook for the greenback especially if it confirms more policymakers are leaning towards tapering its bond purchase plan by the end of the year.<\/p>\n

MUFG strategists noted there has been a clear pattern for the U.S. dollar to strengthen modestly after the release of Fed minutes but there is the risk of a bigger market reaction when the Fed\u2019s policy is moving closer to a pivot point.<\/p>\n

\u201cIt poses the main event risk of disrupting the quiet period of trading we have seen over the summer period,\u201d they said.<\/p>\n

Currency market volatility, even by its already low levels, is nearing 2021 lows thanks to the summer lull.<\/p>\n

Elsewhere, minutes from the Reserve Bank of Australia\u2019s latest meeting are due on Tuesday.<\/p>\n

The kiwi dollar was 0.21% weaker at $0.70235 ahead of the Reserve Bank of New Zealand\u2019s policy meeting on Wednesday, at which economists widely expect the first hike in the benchmark interest rate since 2014.<\/p>\n

In cryptocurrencies, bitcoin edged higher to around $47,500, approaching the three-month high of $48,190 marked over the weekend.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – The dollar crept higher<\/p>\n","protected":false},"author":3,"featured_media":135719,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nDollar trims recent losses after weak China data - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/dollar-trims-recent-losses-after-weak-china-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar trims recent losses after weak China data - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – The dollar crept higher\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/dollar-trims-recent-losses-after-weak-china-data\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-16T12:04:27+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/08\/Dollar-trims-recent-losses-after-weak-China-data.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/dollar-trims-recent-losses-after-weak-china-data\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/dollar-trims-recent-losses-after-weak-china-data\/\",\"name\":\"Dollar trims recent losses after weak China data - 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