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Dollar Rises Against Major Counterparts
By RTTNews Staff Writer | Published: 8/8/2023 4:55 PM ET
The U.S. dollar firmed against its major counterparts on Tuesday, as weaker-than-expected trade data from China, and Moody’s downgrade of the credit ratings of about ten small and mid-sized banks in the U.S lifted the currency’s safe-haven appeal.
China’s exports and imports both fell more than expected in July, threatening recovery prospects and adding to pressure on policymakers to unveil additional stimulus.
Chinese exports fell 14.5% from a year earlier in July, while imports tumbled 12.5% in a sign of weak overseas and domestic demand.
In U.S. economic news, data showed U.S. trade deficit narrowed to a 3-month low of $65.5 billion in June, from a downwardly revised $68.3 billion in May. Imports fell 1 percent in the month, while exports edged down 0.1%.
Wholesale inventories in the United States were down 0.5% from a month earlier in June 2023, compared to the preliminary estimate of a 0.3% decrease and following an upwardly revised 0.4% fall in the prior month.
A report from the National Federation of Independent Business said the NFIB Small Business Optimism index rose for a third straight month to 91.9 in July, the highest reading since November 2022.
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The dollar index surged to 102.80, and despite easing to 102.57, remains firm with a gain of about 0.51%.
Against the Euro, the dollar strengthened to 1.0929 before paring some gains. The dollar is currently at 1.0957 against a unit of Sterling Against Pound Sterling, the dollar is up at 1.2748, and against the Japanese currency is trading at 143.39 yen, up from 142.48 yen.
The dollar has firmed to 0.6543 against the Aussie, strengthening from 0.6575. Against Swiss franc, the dollar is up, fetching CHF 0.8757 a unit. The dollar is firm against the loonie at C$1.3422.
Source: RTT News
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