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Dollar rises on stock rebound, upbeat Chinese data
Published in Saudi Press Agency on 12 - 10 - 2018

The dollar climbed on Friday against a basket of currencies as global equity prices rebounded from a six-day rout and robust Chinese export figures soothed some worries about the world's second-biggest economy and its trade war with Washington.
Euro and sterling snapped their three-day winning streak in advance of next week's European Union summit where Britain and the economic bloc may strike a Brexit deal. China's exports jumped 14.5 percent in September from a year earlier, the biggest year-over-year increase in seven months and marking a record trade surplus with the United States. This suggested the tariffs U.S. President Donald Trump has slapped on Beijing have yet to bite.
A weaker yuan likely mitigated the sting from U.S. duties on $250 billion worth of Chinese-made goods, analysts said.
U.S. Treasury Secretary Steven Mnuchin said on Friday he told China's central bank chief that currency issues need to be part of any further U.S.-China trade talks.
At 10:43 a.m. (1443 GMT), an index that tracks the dollar versus six major currencies was up 0.29 percent at 95.291.
It touched a seven-week high of 96.15 on Tuesday as U.S. 10-year Treasury yield hit a 7-year peak due to worries about rising inflation and U.S. government debt supply. MSCI All-Country World index, which tracks shares in 47 countries, was up 1.16 percent on the day.
Euro and pound retreated from two-week and three-week peaks, respectively, versus the greenback reached following comments from EU Brexit negotiator Michel Barnier on Wednesday who suggested an agreement for Britain to leave the EU could be reached next week.
The single currency was down 0.35 percent at $1.1553, while sterling was 0.52 percent lower at $1.3166.
The common currency also fell after European Central Bank President Mario Draghi toned down his outlook for a rise in underlying inflation from "relatively vigorous" to "gradual."
Yuan fell 0.5 percent to 6.9123 per dollar in offshore trading, as the latest Chinese export figures stoked concerns they would ratchet up trade tension between China and the United States.


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