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Business

REUTERS
October 14, 2018

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Dollar gains

NEW YORK: The dollar climbed against a basket of currencies as global equity prices rebounded from this week´s rout and robust Chinese export figures soothed worries about the world´s second-biggest economy and its trade war with Washington.

Euro and sterling snapped their three-day winning streak in advance of next week´s European Union summit where Britain and the European Union may strike a Brexit deal.

China´s exports jumped 14.5 percent in September from a year earlier, the biggest year-over-year increase in seven months and marking a record trade surplus with the United States.

The data suggested that the tariffs U.S. President Donald Trump has slapped on Beijing have yet to bite.

"The market breathed a sigh of relief with the Chinese trade numbers despite the tit-for-tat trade war with the U.S.," said Dean Popplewell, vice president of market analysis at Oanda in Toronto.

"People were happy to put on some risk." A weaker yuan likely mitigated the sting from U.S. duties on $250 billion worth of Chinese-made goods, analysts said.

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