The U.S. dollar rose strongly on Wednesday to a more than two-month high after data showed European inflation is cooling quicker than expected and China’s recovery is sputtering. | Reuters
“European inflation is rolling back now and you’re taking back some of the previously anticipated hikes from the ECB,” said Carl Hammer, chief strategist at European bank SEB.
Weak economic data out of China also boosted the U.S. currency, analysts said. A survey released on Wednesday showed that China’s factory activity shrank faster than expected in May, in the latest sign that the country’s recovery from COVID-19 lockdowns is faltering. “All else being equal, a weak China is a positive for the U.S. dollar, and to some extent the yen, against the euro or the Aussie,” said Shusuke Yamada, chief FX and rates strategist at Bank of America in Tokyo.The dollar rose to a six-month peak of 140.93 on Tuesday but then fell sharply after Japan’s top currency diplomat said officials “will closely watch currency market moves and respond appropriately as needed”.Dollar hits 6-month high vs.
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