Asian Session – Dollar extends gains after upbeat China data
August 22, 2013 6:01 am
The Federal Reserve minutes pushed the U.S. dollar higher after their release late on Wednesday, showing that tapering was still on track for September.
Stimulus cuts are positive for the dollar, which rose across the board.
In Asian trading Thursday, EURUSD slid to $1.3330 while GBPUSD fell to $1.5587.
Meanwhile upbeat Chinese manufacturing data boosted risk appetite in Asia, with USDJPY jumping to a session high of 98.32 yen, gaining 0.6 percent from the session open of 97.66 yen.
China is the world’s second largest economy, so any pick up in growth could prove much more important in the long term for the overall global economy.
Data released today by HSBC showed its preliminary purchasing managers’ index for China rose to 50.1 in August, a five-month high and just above the 50 level that separates growth from contraction.
The upbeat Chinese data also helped lift the Australian dollar since China is a major trading partner for Australia. AUDUSD gained almost half a cent to $0.9000, moving off a two-week low of $0.8931.
Looking ahead to the European session, PMI data from the Euro zone will be in focus.
The Federal Reserve minutes pushed the U.S. dollar higher after their release late on Wednesday, showing that tapering was still on track for September.
Stimulus cuts are positive for the dollar, which rose across the board.
In Asian trading Thursday, EURUSD slid to $1.3330 while GBPUSD fell to $1.5587.
Meanwhile upbeat Chinese manufacturing data boosted risk appetite in Asia, with USDJPY jumping to a session high of 98.32 yen, gaining 0.6 percent from the session open of 97.66 yen.
China is the world’s second largest economy, so any pick up in growth could prove much more important in the long term for the overall global economy.
Data released today by HSBC showed its preliminary purchasing managers’ index for China rose to 50.1 in August, a five-month high and just above the 50 level that separates growth from contraction.
The upbeat Chinese data also helped lift the Australian dollar since China is a major trading partner for Australia. AUDUSD gained almost half a cent to $0.9000, moving off a two-week low of $0.8931.
Looking ahead to the European session, PMI data from the Euro zone will be in focus.
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