SINGAPORE : The dollar wobbled on Wednesday after China's manufacturing activity expanded at its fastest pace since April 2012 and exceeded forecasts, sparking some risk-on appetite that sent the safe-haven dollar lower.The yuan and the Australian dollar got a leg up from the upbeat Chinese economic data,
SINGAPORE : The dollar wobbled on Wednesday after China's manufacturing activity expanded at its fastest pace since April 2012 and exceeded forecasts, sparking some risk-on appetite that sent the safe-haven dollar lower.
The onshore yuan rose and was last roughly 0.1 per cent higher at 6.9250 per dollar, while the offshore yuan gained a larger 0.26 per cent to 6.9371 per dollar. "I think market participants will pay a close look to the January CPI indicator in order to gauge the near-term outlook for RBA policy," said Carol Kong, a currency strategist at Commonwealth Bank of Australia .
That raised hopes of a more subdued downturn in the global economy in the wake of aggressive interest rate hikes by major central banks.Inflation in two of the euro zone's biggest economies rose unexpectedly in February, data showed on Tuesday, pushing up rate hike expectations by the European Central Bank .
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