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EUR/USD Update – Dollar Drops Versus High-Yield Peers on China Data; Aussie Rises



Good day fellow forex traders.

It is the midweek and I hope you are successful in your forex trading.

The EUR/USD is back above 1.32 for now probably due to the continued economic highlights of China.

Euro Coins and U.S. Bill

The dollar weakened against its higher-yielding counterparts after a report showed China’s services industry expanded last month, adding to signs the global economy is recovering.

The Bloomberg U.S. Dollar Index ended a five-day run of gains that took it to the highest level since July. The Australian dollar climbed for a third day after the nation’s economic growth quickened, while the New Zealand dollar also advanced. The pound rose for a sixth day versus the euro, climbing to the strongest level in more than three months, after a gauge of U.K. services reached the highest level since December 2006.

“The data coming out of China has been supportive of growth and sentiment,” Eric Viloria, senior currency strategist for Gain Capital Group LLC in New York, said in a telephone interview. “That’s something that’s going to be a positive for the Australian dollar and other high-yielders.”

The Bloomberg U.S. Dollar Index, which tracks the greenback against 10 other major currencies, fell 0.4 percent to 1,032.65 at 12:02 p.m. New York time, after reaching 1,038.61 yesterday, the most since July 16. The index had risen 1.1 percent in the past five days.

The U.S. currency dropped 0.3 percent to $1.3171 per euro after climbing yesterday to the highest level since July 22. The greenback was little changed at 99.63 yen. Japan ’s currency lost 0.4 percent to 131.64 per euro. Aussie Strength

The Aussie gained versus all 31 of its most-traded counterparts on the Chinese services data and as a report showed the country’s gross domestic product unexpectedly accelerated last quarter. The currency appreciated 1.4 percent to 91.86 U.S. cents after rising to the strongest level since Aug. 19.

New Zealand ’s dollar rose versus the majority of its major peers as services in China , its biggest trade […]

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