{"id":36600,"date":"2023-07-17T04:19:30","date_gmt":"2023-07-17T08:19:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-stabilizes-after-last-weeks-selloff-chinese-yuan-hit-by-weak-gdp\/"},"modified":"2023-07-17T04:19:31","modified_gmt":"2023-07-17T08:19:31","slug":"dollar-stabilizes-after-last-weeks-selloff-chinese-yuan-hit-by-weak-gdp","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36600","title":{"rendered":"Dollar stabilizes after last week’s selloff; Chinese yuan hit by weak GDP"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar stabilized in early European hours Monday after suffering its worst weekly drop this year, while weak Chinese growth data pressured the yuan.\u00a0<\/p>\n

At 03:05 ET (07:05 GMT), the , which tracks the greenback against a basket of six other currencies, traded marginally lower at 99.597, after dropping 2.2% last week, its sharpest one-week fall since November.<\/p>\n

Dollar stabilizes after selloff<\/strong><\/h2>\n

The dollar index last week fell below the 100 level for the first time since April 2022 after softer-than-expected inflation data\u2013 on Wednesday and on Thursday\u2013supported the view that the\u00a0Federal Reserve will end its interest rate-hiking cycle after a final increase next week.<\/p>\n

\u201cDollar long positions are evaporating rapidly, with PPI numbers all but confirming the disinflationary narrative in the U.S. It’s hard to find a clear counterargument against the bearish dollar momentum, but the move is looking stretched, so watch for potential temporary corrections,\u201d said analysts at ING, in a note.<\/p>\n

The is due later in the session, to be followed later in the week by U.S. , and reports on , and .<\/p>\n

However, these numbers are unlikely to change the narrative that a 25-basis-point hike from the later this month is likely to be the last one this year.<\/p>\n

Chinese growth slows in second quarter<\/strong><\/h2>\n

rose 0.5% to 7.1744 after data released earlier Monday showed China\u2019s second-quarter grew 0.8% from the prior quarter, a substantial slowing from the 2.2% seen in the prior quarter.<\/p>\n

On an annualized basis, grew 6.3% in the second quarter, thanks largely to a lower basis for comparison from the COVID-impacted period last year, and this was lower than expectations for growth of 7.3%.<\/p>\n

This sluggish growth has traders looking towards the Chinese government to see whether it steps up stimulus to promote economic growth.<\/p>\n

Euro still in demand<\/strong><\/h2>\n

rose 0.1% to 1.1238, with the euro continuing to find favor after jumping 2.4% last week to a 16-month high.<\/p>\n

The is widely expected to lift interest rates once more next week, with\u00a0inflation levels in Germany, the largest economy in the euro one, rising in June to 6.8% on the year, when harmonized to compare with other European Union countries.<\/p>\n

This is well over three times the ECB\u2019s medium-term target and suggests further rate increases may well be needed as the year progresses.<\/p>\n

\u201cIt seems difficult to build a strong counterargument to the bearish USD narrative at this stage and while some correction after a large and possibly overstretched move is possible, the near-term outlook may stay broadly bullish on EUR\/USD,\u201d ING added.<\/p>\n

Elsewhere, edged lower to 1.3081, trading just below last week’s 15-month peak, while fell 0.2% to 138.47, with the yen boosted by falling U.S. bond yields, ahead of the \u2019s policy meeting next week.<\/p>\n

fell 0.4% to 0.6809, with the Australian dollar suffering alongside the given the historic trade links between the two countries.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The U.S. dollar stabilized in early European hours Monday after suffering its worst weekly drop this year, while weak Chinese growth data pressured the yuan.\u00a0 At 03:05 ET (07:05 GMT), the , which tracks the greenback against a basket of six other currencies, traded marginally lower at 99.597, after dropping 2.2% last week, […]<\/p>\n","protected":false},"author":1,"featured_media":36601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-36600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar stabilizes after last week's selloff; Chinese yuan hit by weak GDP | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar stabilized in early European hours Monday after suffering its worst weekly drop this year, while weak Chinese growth data\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=36600\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar stabilizes after last week's selloff; 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