US dollar falls

US dollar falls

New York, Oct 14 (IANS) The US dollar dropped against other major currencies as investors were digesting the soft September trade data from China.

In late New York trading on Thursday, the euro rose to $1.1049 from $1.1013, and the British pound climbed to $1.2249 from $1.2191, Xinhua news agency reported. The Australian dollar increased to $0.7574 from $0.7565.

The dollar bought 103.58 Japanese yen, lower than 104.26 yen in the previous session. The dollar inched down to 0.9866 Swiss francs from 0.9905 Swiss francs, and it fell to 1.3194 Canadian dollars from 1.3252 Canadian dollars.

China’s exports measured in yuan fell 5.6 per cent year on year in September, reversing a 5.9-percent gain in August, while imports slowed from rising 10.8 per cent last month to just 2.2 per cent.

Analysts said the weak data from China spurred market appetite for safe-haven assets, and may deter Federal Reserve’s possible move to raise interest-rate in December.

The dollar index, which measures the greenback against six major peers, was down 0.43 per cent at 97.544 in late trading.

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