The safe-haven US dollar rose on Monday after a fresh batch of disappointing data from China reinforced fears of a global recession. At the same time, the yuan fell after the People’s Bank of China surprisingly cut interest rates.<\/p>\n\n\n\n
Chinese industrial production, retail sales and fixed asset investment missed analysts’ estimates on Monday, as the nascent recovery from harsh lockdowns to combat the COVID-19 pandemic faltered.<\/p>\n\n\n\n
The dollar also received a boost from hawkish comments from Federal Reserve policymakers in response to early indications that inflation in the United States may have peaked.<\/p>\n\n\n\n
The onshore yuan fell to a one-week low of 6.7696 per dollar, compared to the previous close of 6.7430, after the People’s Bank of China unexpectedly cut borrowing costs on medium-term loans and a short-term liquidity instrument for the second time this year.<\/p>\n\n\n\n
The US dollar index against six rival currencies rose 0.25 percent to 105.96, consolidating its position near the middle of its range during this month.<\/p>\n\n\n\n
Analysts will look at the minutes of the Federal Reserve’s latest meeting, due on Wednesday, for more clues about what policymakers are thinking. At the same time, Friday’s retail sales data will give some fresh insights into the economy’s health.<\/p>\n\n\n\n
The euro fell 0.24 percent to $ 1.0232, affected by the troubles facing Europe due to the war in Ukraine, the search for non-Russian energy sources and the damage to the German economy from the lack of rain.<\/p>\n","protected":false},"excerpt":{"rendered":"
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