Roundup: Dollar rises slightly as risk appetite emerges
Friday, September 10, 2021 7:02 PM

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NEW YORK, Sep. 10, 2010 (Xinhua News Agency) -- The U.S. dollar rose slightly against most major currencies in New York trading on Friday as optimism resurfaced in the market and shifted investors'interest to more risky assets than safe-haven ones.

The data from the eastern world stimulated the western market. China's General Administration of Customs said on Friday that China's trade surplus narrowed to 20 billion U.S. dollars in August, from 28.7 billion dollars in July. Economists had been expecting a 30-billion-dollar surplus.

China's exports rose 34.4 percent year-on-year to 139.3 billion dollars, against 35-percent growth expected by economists surveyed by Dow Jones Newswires. Imports climbed 35.2 percent to 119.27 billion dollars, compared with an expected 25-percent increase.

China's central bank on Friday set the yuan parity rate at 6. 7625 to the dollar, the highest level for the Chinese currency against the greenback since it was delinked from its peg to the dollar in July 2005.

The market was expecting more encouraging economic data from China. Monthly CPI and PPI are scheduled to be released on Saturday.

Meanwhile, the Japanese government on Friday announced a stimulus package worth 10.9 billion dollars. The market reacted quickly and the yen snapped its upward trend against the dollar. The dollar bought 84.15 Japanese yen in late New York trading on Friday compared with 83.90 yen on Thursday.

The news that the Japanese government has reiterated it would intervene in the forex market if necessary provided more reasons for the investors to give up the yen. The yen hit a 15-year high versus the dollar this Tuesday.

"The huge sucking sound of Chinese imports into its nation's ports helped relax fears over an impending slowdown in the pace of global recovery," said Andrew Wilkinson, senior market analyst at Interactive Brokers. "A stimulus package from Tokyo also helped soothe investors' nerves while the safe haven appeal of Swiss franc and Japanese yen came off the boil."

U.S. President Barack Obama, addressing a press conference on Friday, insisted that the U.S. economy is showing improvement from the deepest recession in decades but conceded the "progress has been painfully slow."

Market confidence was further boosted by an upbeat industrial stocks report. The U.S. Commerce Department said wholesale inventories jumped 1.3 percent in July, more than three times of the 0.4-percent increase analysts had anticipated, showing that wholesalers are still confident in the recovery.

The fear on the health of European banking system which haunted the market for months began to vapor. The dollar traded at 1.2718 per euro in late New York trading on Friday. The pair was traded at 1.2700 on Thursday.

For the whole week, the dollar index has lost 0.2 percent. Versus the yen, the U.S. dollar is down 0.1 percent.

The dollar has risen 0.6 percent against the Swiss franc this week, while the euro has advanced 0.2 percent.

The British pound has declined 0.1 percent this week against the greenback.



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