Dollar remains steady,Yuan gains strength, 16 SEPT

Dollar remains steady,Yuan gains strength

Shafaq News / The dollar held steady in Asia on Friday, easing slightly from overnight gains against peers, while the yuan strengthened in the wake of some market-beating economic data out of China.

The dollar jumped overnight after U.S. retail sales received a boost from higher gasoline prices, increasing 0.6% in August versus an estimated 0.2% rise, while market participants reacted to the European Central Bank's 25-basis point hike.

The U.S. dollar index last stood somewhat lower at 105.25, but still near Thursday's six-month peak of 105.43.

The euro remained near Thursday's multi-month low of $1.0632 against the greenback.

The yuan and Australian and New Zealand dollars received a boost after a batch of economic data from China in the Asian morning came in better-than-expected for some key indicators, providing a rare lift in sentiment.

The offshore yuan rose over 0.3% against the dollar to around 7.262 after the release.

The Australian dollar , a proxy for China growth, strengthened 0.5% to $0.6473, while the New Zealand dollar last stood 0.3% higher at $0.5931.

Elsewhere, the euro was up 0.1% at $1.0652, just off a six-month low of $1.0632 against the dollar after the ECB hiked rates another 25 basis points at its monetary policy meeting on Thursday.

(Reuters)

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