Forex

Dollar extends gains even after disappointing Chinese data

2022-08-15 14:43:24 GMT (Economies.com)

Dollar rose in European trade for another session against major rivals away from six-week lows, amid haven demand after disappointing Chinese data.

 

Investors await important US economic data this week, in addition to the Fed's last meeting minutes to gauge the path forward in monetary policy.

 

The Index

 

The dollar index rose over 0.6% to 106.35, after rising 0.5% on Friday, the first profit in five days off six-week lows at 104.63. 

 

The index lost 0.35% last week, the third weekly loss in a month after data showed US inflation slowed down in July. 

 

Chinese data

 

From China, industrial output rose 3.8% in July, slowing down from 3.9% in June, and missing estimates of 4.5%.

 

China's retail sales rose 2.7%, missing estimates of 5% heavily, and down from 3.1% in the previous reading.

 

The People's Bank of China earlier cut interest rates unexpectedly, on one-year lending rates to certain loans by 10 basis points to 2.75%.

 

US Data

 

Investors await US retail sales data later this week, in addition to the Fed's meeting minutes, to gather clues about the economy's health in the third quarter. 

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