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Dollar Gains For The Week After China Data
Published in Amwal Al Ghad on 19 - 01 - 2013

The U.S. dollar rose against most major currencies on Friday to a weekly gain, with markets offering a surprisingly tepid reaction to unexpectedly strong Chinese growth.
The ICE dollar index , a gauge of the U.S. unit against a basket of six currencies, rose to 80.051 from 79.691 in North American trade late Thursday. It last closed above 80 on Jan. 09, according to FactSet.
The euro fell under $1.33 then recovered ground to lately buy $1.3317, down from $1.3376.
The WSJ Dollar Index , which uses a slightly wider basket, rose 0.5% to 71.04.
The euro extended its declines after comments from European Central Bank board member Benoit Coeure, noted currency analyst Christopher Vecchio at DailyFX.
Coeure saying he does not expect banks' repayments of long-term loans to affect the (euro overnight interbank rates, according to media reports. The market feared higher short-term rates would reduce liquidity.
Currency markets showed little initial reaction to data from China showing the world's second-largest economy grew faster than forecast in the second quarter. See: China's economy grows more than expected.
“The market response toward stronger-than-expected Chinese data was surprisingly muted and there was limited follow-through with risk appetite sluggish," said Sue Trinh, currency strategist at Royal Bank of Canada.
Asian equity markets rallied, but Europe saw modest gains. U.S. stocks recovered in afternoon trading, pushing the S&P 500 Index to its highest close since 2007. Read: U.S. stocks waver, GE gains after results.
Strategists at Lloyds Bank said the lack of significant euro-zone economic data Friday suggested the euro's recent $1.3260-to-$1.3400 range should hold. But they noted that Fridays often see some position squaring, and warned that “some slippage lower in equities and risk currencies would not be surprising."
For the week, the euro declined 0.2% and the dollar index gained 0.6%.
Yen's weekly loss
Against the yen , the dollar rose to 90.09 yen,compared with ¥89.98 late Thursday. Some analysts and even officials say the dollar may rise to around 100 yen, but already some trading partners are starting to complain that a weaker yen is making their currency less competitive.
For the week, the dollar rose 1.1%, its sixth straight weekly rise and adding to its 17% jump against the yen in the last 12 months.
The euro fetched ¥120.01, up from ¥119.43. For the week, the shared currency is up 0.8%.
The British pound slipped to $1.5873 from $1.6003, losing more ground after a weak retails sales report.
The Australian dollar traded at $1.0509, down from $1.0543.
Marketwatch


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