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Dollar rises to 13-month high, offshore yuan falls
Wednesday, 15 August 2018 23:12 WIB | CURRENCIES |DOLLARDolar AS

The dollar climbed to its highest level in over 13 months against a basket of currencies on Wednesday as investors stepped up their safe-haven holdings of the greenback due to worries about slowing Chinese growth and Europe's exposure to Turkey.

The euro slid to its weakest level in over a year on anxiety about the exposure of the continent's bank system to Turkey. The Turkish lira sank to a record low earlier this week, prompted by concerns over President Tayyip Erdogan's economic policies and diplomatic and trade disputes with the United States, a NATO ally.

The greenback was also underpinned by upbeat figures on domestic retail sales, manufacturing output and worker productivity, supporting the view of steady U.S. economic growth.

At 10:48 a.m. (14:37 GMT), an index that tracks the dollar against six major currencies was up 0.16 percent at 96.885 after hitting 96.984 earlier, the highest since June 2017.

The euro fell to $1.13010, the lowest in 13 months. It was last down 0.2 percent at $1.13225.

Sterling reached a 13-1/2 month low versus the dollar despite data showing Britain's inflation rate picked up in July for the first time this year. It was down 0.4 percent at $1.2673.

The Chinese yuan sagged nearly 0.8 percent to 6.9467 per dollar in offshore trading, hitting its weakest level since January 2017.

Source: Reuters

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