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Business

July 18, 2017

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Hot Now: Dollar under pressure

Hot Now: Dollar under pressure

SYDNEY: The dollar huddled near a 10-month trough on Monday as upbeat Chinese news and the prospect of only gradual policy tightening in the United States sent investors piling into leveraged positions in higher yielding currencies and risky assets.

China´s second-quarter gross domestic product handily topped forecasts with a rise of 6.9 percent on the year, while retail sale and industrial output were both strong.

"It is encouraging for global growth as well because China is the second largest economy on the planet," said Craig James, chief economist at fund manager CommSec in Sydney. "Based on this data, there is no need for easing and no need really for tightening either because inflationary pressures are very much contained," he added.

"So I think the central bank just continues to be watchful." Currency charts were already crowded with milestones with the euro near ground last trod in May 2016 and sterling at its highest since September.

The pound´s 1.2 percent jump on Friday was the largest in three months and left it at $1.3093.The was hovering at $1.1458 and not far off major resistance at $1.1489. The U.S. dollar index was at 95.212 having touched its lowest since September.

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