Fri, April 19, 2024

The dollar takes a hit as chinese yuan gains strength

Dollar bills close up

The dollar fell, and the Chinese yuan gained, while the euro rose after German inflation data suggested price pressures remained high.

The New Zealand and Australian dollars were among the legatees of strong data from China, which beat expectations when the official manufacturing purchasing managers’ index rose to 52.7 last month from 50.2 in January.

China’s non-manufacturing sector showed higher growth in February, and the Caixin/S&P Global manufacturing PMI results surpassed expectations.

The yuan finished the intra-country period at its strongest point since February 21st, at $6.8855. Additionally, the offshore yuan rose 1.4%, marking its largest single-day increase since the end of November, ending at $6.8684.

Kiwi rose 1.4% to $0.6264, while Aussie rose 0.8% to $0.6775.

Inflation data from Germany’s five states were largely steady in the high single digits in February, suggesting stubborn price pressures at the national level are not easing.

Preliminary pan-German inflation data will be published and calculated using data from up to sixteen German states.

US Dollar Index and other currencies

The U.S. dollar index decreased by 0.7% and reached 104.25 points. The index rose nearly 3.4% in February, its first monthly gain after a four-month losing streak. A recent surge in strong U.S. economic data fueled market speculation that the Federal Reserve should continue hiking rates.

Earlier in the week, the pound’s value increased by 1.4% in response to Britain’s post-Brexit trade agreement for Northern Ireland with the European Union.

Futures prices currently suggest that the federal funds rate for September will be around 5.5%.

Elsewhere, the dollar fell 0.66% against the Japanese yen to 135.37, gaining 5% against the yen in February, its biggest gain since last June. the dollar fell 0.66% against the Japanese yen to 135.37

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