SINGAPORE : The dollar nursed losses on Thursday as optimism about China's reopening was supported by encouraging data and underpinned Asian currencies, while sticky inflation had the euro eying its best week in a month and a half.The dollar lost 0.9 per cent on the euro overnight, and since it moved lowe
SINGAPORE : The dollar nursed losses on Thursday as optimism about China's reopening was supported by encouraging data and underpinned Asian currencies, while sticky inflation had the euro eying its best week in a month and a half.
"The turn in the dollar came right on schedule as month end flows fizzled and the dominant driver of euro/dollar, rate differentials, reasserted itself," said Brent Donnelly, president of analytics firm Spectra Markets.The yen hardly budged but the dollar made broad falls on Asian currencies as it retreats from recent highs.
"Yesterday's positive surprise in the PMIs for China in February are a positive for mining commodity prices and the currencies of countries that export them," said Commonwealth Bank of Australia's head of international economics, Joe Capurso. China's annual parliament meeting opens on Sunday and will implement the biggest government reshuffle in a decade, confirming President Xi Jinping's new economic team.
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