By: Barbara Zigah
With China’s industrial output figures showing better-than-expected improvement last month, the U.S. Dollar Index slipped to a 1-year low versus a basket of major currencies in Asian trading today. According to the data released, the industrial output for August was at its fastest rate in more than a year, bettering analysts’ expectations. In individual currency trading, the greenback also lost ground against the Japanese Yen, New Zealand Dollar and the Euro, which touched briefly on a 2009 high.
As reported at 2:52 p.m. (JST) in Tokyo, the U.S. Dollar Index at one point traded at 76.548 .DXY, the lowest price in more than a year, before recovering slightly to 76.573 .DXY, a .2% loss on the day. The U.S. Dollar Index is a measure of the American currency’s value versus a group of major currencies.
In individual trading, the U.S. Dollar slipped to a low of 91.13 Yen on the EBS trading platform. Also on the EBS, the U.S. Dollar fell to $1.4616 versus the single currency Euro, a loss of .2%; earlier in the day the U.S. Dollar had fallen to $1.4622, the lowest trade in more than 9 months. The Australian Dollar was the winner against the U.S. Dollar, rising to $0.8652 versus the greenback, an increase of .2% and remaining within striking range of the 1-year high trade of $0.8669 touched on earlier in the week.
Strong Chinese data suppresses U.S. Dollar
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.