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Business

October 20, 2016

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Dollar declines

Dollar declines

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SINGAPORE/TOKYO: The dollar stepped back from a seven-month high against an index of currencies on Wednesday after U.S. consumer prices showed a moderation in underlying inflation, prompting markets to trim bets on a December Federal Reserve rate hike.

The U.S. dollar´s index against a basket of six major currencies stood at 97.846, off Monday´s seven-month high of 98.169. The Australian dollar pared some of its earlier gains after a barrage of Chinese economic data.

The overall reaction across major currencies was limited, however, as there were no huge surprises.

China´s third-quarter gross domestic product matched market forecasts, while September industrial production came in below expectations.  "There was probably some profit-taking in the wake of the (Australian dollar´s) rise seen since yesterday," said Hirofumi Suzuki, an economist for Sumitomo Mitsui Banking Corporation in Singapore, adding that there may have been some reaction to the slightly disappointing data on industrial output as well.

Still, Suzuki said the Chinese data overall suggests that Chinese authorities still have solid control over the economy and that the risks of a sharp deterioration are limited.

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