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The US dollar has moved away from its 10-week maximum against the yen

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The US dollar has moved away from its 10-week maximum against the yen

The US dollar has moved away from its 10-week maximum against the yen
October 13
12:30 2016

The US dollar has moved away from its peak for 2.5 months against the Japanese currency on Thursday. This has occurred against the background of the weak trade data in China, which again raised the concern about the Chinese economy. During the session the US dollar was falling to 103.555 yen, having lost 1 percent against the bidding peak, which is equal to 104.635 yen.

In the morning the dollar was worth 103.81 yen. This is 0.4 percent less than the index of the session completion on Wednesday. The yen is growing against the information about the 5,6 % decrease of China’s exports in September. Later we have got the information about the reduction of exports in dollars by 10 percent, which is much worse than the analysts’ forecasts.

China’s imports have fallen by 1.9 percent after the growth in August. This indicates that signs of the economic stabilization may be short-lived. The dollar is being traded against a basket of major currencies at 97.914. The currency has lost its seven-month high (98.122), which it reached earlier. Increasing expectations of the Fed rate in December have supported the dollar.

Some members of the Federal Reserve, who have voting rights, consider the issue of the rate increase to be a matter of time only if the US economy continues to strengthen. Nevertheless, the Fed still doubts about the rate of the inflation. This has become known from the protocol of the regulator’s meeting in September. The protocol was promulgated on Wednesday.

The euro has risen by 0.1 percent, amounting to $ 1.1016. The pound sterling has sagged by 0.1 percent and has become equal to $ 1.2188 after the growth by about 0.7 percent on Wednesday. The yuan has fallen to 6.7260 against the US dollar due to the fact that China’s Central Bank has been lowering the actual median exchange rate for the seventh consecutive trade.

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