Dollar set to snap 5-week losing run while yuan rallies
Updates prices at 1135 GMT
By Harry Robertson and Kevin Buckland
LONDON/TOKYO, Aug 30 (Reuters) -The dollar held steady near a one-week high against major peers on Friday and is on track to snap a five-week losing streak after robust economic data caused investors to pare bets on aggressive Federal Reserve interest rate cuts.
The Chinese yuan rose to its strongest since June 2023, while the euro was little changed as inflation data confirmed the message of national readings on Thursday that euro zone price pressures are quickly easing.
Investors were waiting for the release of core personal consumption expenditures price index, the Fed's preferred inflation gauge, at 1230 GMT (8:30 a.m. ET).
The U.S. dollar index =USD, which measures the currency against a basket of six major peers, was flat at 101.37, after rising 0.36% on Thursday and touching the highest since Aug. 22 at 101.58.
Overnight, U.S. data showed gross domestic product (GDP) grew at a 3.0% annualised rate in the second quarter, an upward revision from the 2.8% rate reported last month.
"That's been the market mover from the price action overnight, particularly when you look at currencies and U.S. Treasury yields," said Rodrigo Catril, senior FX strategist at National Australia Bank, referring to the GDP reading.
"The takeaway there - the highlight - is that the consumer was stronger than had previously been thought," he added.
The dollar is on course for a 0.6% gain this week, which would be its best week since the start of April. Over August, though, it is set for a drop of about 2.6% on the back of cooling inflation and a slowing labour market.
Traders see a September rate cut as a done deal but, after the data, laid only 34% odds of a 50-basis point cut, down from 38% a day earlier, according to the CME Group's FedWatch Tool.
China's yuan firmed to a 14-month high on Friday, heading for its biggest monthly jump since November, amid growing corporate demand for the Chinese currency as expectations heighten for U.S. rate cuts.
The onshore yuan CNY=CFXS strengthened as far as 7.0825 per dollar before last changing hands at 7.0913, on track for a rise of around 2% for August.
"In the short term we cannot rule out the possibility of a 'stampede' for currency conversion" that could boost the yuan above 7.0 per dollar, China International Capital Corp (CICC) said in a note.
The euro EUR=EBS was very slightly higher at $1.1086 after data showed euro zone inflation slowed to 2.2% year-on-year in August, down from 2.6% in July, leaving the European Central Bank on track to lower interest rates again next month.
The single currency fell to a more than one-week low on Thursday and ended down 0.4% after German inflation cooled more than expected, bolstering investors' expectations of ECB cuts.
Sterling GBP=D3 rose 0.1% to $1.318 after dipping to $1.3146 overnight, a one-week low, as the dollar climbed.
The yen held near the closely watched 145-per-dollar level after weakening on Thursday, as the greenback tracked a rise in U.S. Treasury yields.
The Japanese currency largely ignored data on Friday showing core consumer prices in Tokyo climbing at a faster-than-expected 2.4% in August.
The Aussie AUD=D3 was little changed at $0.68 after hitting the highest since Jan. 2 at $0.6824 a day earlier, as it continued to draw support from hotter-than-expected consumer price figures this week. The currency shrugged off an unexpected stagnation in retail sales data on Friday.
World FX rates https://tmsnrt.rs/2RBWI5E
August blues: Looming U.S. rate cuts weigh on dollar https://reut.rs/4g13RrL
Reporting by Harry Robertson in London and Kevin Buckland in Tokyo; Editing by Sam Holmes, Jacqueline Wong and Andrew Heavens
면책조항: XM Group 회사는 체결 전용 서비스와 온라인 거래 플랫폼에 대한 접근을 제공하여, 개인이 웹사이트에서 또는 웹사이트를 통해 이용 가능한 콘텐츠를 보거나 사용할 수 있도록 허용합니다. 이에 대해 변경하거나 확장할 의도는 없습니다. 이러한 접근 및 사용에는 다음 사항이 항상 적용됩니다: (i) 이용 약관, (ii) 위험 경고, (iii) 완전 면책조항. 따라서, 이러한 콘텐츠는 일반적인 정보에 불과합니다. 특히, 온라인 거래 플랫폼의 콘텐츠는 금융 시장에서의 거래에 대한 권유나 제안이 아닙니다. 금융 시장에서의 거래는 자본에 상당한 위험을 수반합니다.
온라인 거래 플랫폼에 공개된 모든 자료는 교육/정보 목적으로만 제공되며, 금융, 투자세 또는 거래 조언 및 권고, 거래 가격 기록, 금융 상품 또는 원치 않는 금융 프로모션의 거래 제안 또는 권유를 포함하지 않으며, 포함해서도 안됩니다.
이 웹사이트에 포함된 모든 의견, 뉴스, 리서치, 분석, 가격, 기타 정보 또는 제3자 사이트에 대한 링크와 같이 XM이 준비하는 콘텐츠 뿐만 아니라, 제3자 콘텐츠는 일반 시장 논평으로서 "현재" 기준으로 제공되며, 투자 조언으로 여겨지지 않습니다. 모든 콘텐츠가 투자 리서치로 해석되는 경우, 투자 리서치의 독립성을 촉진하기 위해 고안된 법적 요건에 따라 콘텐츠가 의도되지 않았으며, 준비되지 않았다는 점을 인지하고 동의해야 합니다. 따라서, 관련 법률 및 규정에 따른 마케팅 커뮤니케이션이라고 간주됩니다. 여기에서 접근할 수 있는 앞서 언급한 정보에 대한 비독립 투자 리서치 및 위험 경고 알림을 읽고, 이해하시기 바랍니다.
