The dollar edged higher Tuesday as China ramped up efforts to stabilize its currency, helping to restore confidence in the world’s second-largest economy.
The ICE U.S. Dollar index DXY, +0.17% a measure of the dollar’s strength against a basket of six rival currencies, rose 0.3% to 98.9780.
Early in the global day, China intervened in the offshore yuan market, fending off speculators and briefly closing the gap between onshore and offshore yuan exchange rates.
But the two rates diverged again in recent trade, when the onshore yuan USDCNY, +0.0670% traded at 6.57 to the dollar, and offshore yuan USDCNH, -0.1657% traded at 6.79. On Monday, the onshore yuan traded at 6.57, and the offshore yuan traded at 6.84.
The euro EURUSD, -0.3499% traded at $1.0856 late Tuesday in New York, compared with $1.0861 late Monday. The dollar USDJPY, +0.55% traded at ¥117.60 late Tuesday, compared with ¥117.63 Monday.
Elsewhere, the pound briefly fell to its weakest level since mid-2010 after official data showed U.K. industrial production contracted by 0.7% in November. It recently traded at GBPUSD, +0.1177% $1.4433, compared with $1.4544 late Monday Eastern Time.
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The ICE U.S. Dollar index DXY, +0.17% a measure of the dollar’s strength against a basket of six rival currencies, rose 0.3% to 98.9780.
Early in the global day, China intervened in the offshore yuan market, fending off speculators and briefly closing the gap between onshore and offshore yuan exchange rates.
But the two rates diverged again in recent trade, when the onshore yuan USDCNY, +0.0670% traded at 6.57 to the dollar, and offshore yuan USDCNH, -0.1657% traded at 6.79. On Monday, the onshore yuan traded at 6.57, and the offshore yuan traded at 6.84.
The euro EURUSD, -0.3499% traded at $1.0856 late Tuesday in New York, compared with $1.0861 late Monday. The dollar USDJPY, +0.55% traded at ¥117.60 late Tuesday, compared with ¥117.63 Monday.
Elsewhere, the pound briefly fell to its weakest level since mid-2010 after official data showed U.K. industrial production contracted by 0.7% in November. It recently traded at GBPUSD, +0.1177% $1.4433, compared with $1.4544 late Monday Eastern Time.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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