2023-08-09 09:15:00
AFP
The dollar fell in Asian trading on Wednesday, August 9, as gains in European stock futures indicated an improvement in risk appetite, despite the emergence of new signs of the suffering of the Chinese economy.
Traders said Chinese state-owned banks sold dollars, helping the yuan rebound from its lowest level in a month, even as the country entered a period of deflation.
The Chinese central bank’s fixation of the exchange rate at a stronger-than-expected level of 7.1588 per dollar before the opening indicated its unease over the yuan’s recent decline.
This also helped the Australian and New Zealand dollars, which rose from multi-month lows.
US dollar index
The dollar index, which measures the performance of the US currency once morest the euro, the pound sterling and four other major currencies, fell 0.15% to 102.37 in followingnoon trading in Asia, giving up some of its 0.47% gains in the previous session.
The euro rose 0.2% to $1.09745, while the pound rose 0.14% to $1.2766.
Futures dealings on the European Euro Stoxx 50 index indicated an increase of 0.9%, following a decline of more than 1% yesterday, Tuesday, amid a wave of selling bank shares following Italy announced a sudden profit tax of 40% on banks.
The Australian dollar rose 0.13% to $0.6553, following falling on Tuesday to its lowest level since June 1 at $0.6497.
The New Zealand dollar rose 0.16% to $0.6074, rebounding from a two-month low hit in the last session at $0.6035.
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