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Dollar drops on weak China data as yen soars

Currencies Direct February 20th 2014 - < 1 minute read

The dollar fell against the yen on Thursday (February 20th)
after weaker-than-expected Chinese manufacturing figures weighed on
market sentiment.

USD/JPY slid 0.6 per cent to 101.71 as Japanese stocks dipped on
news that Chinese manufacturing activity contracted in
February.

The safe haven yen rose against all its major peers, with
GBP/JPY down 0.75 per cent at little over 169, while a euro bought
slightly more than 139 yen, a drop of 0.8 per cent.

Earlier the dollar had shown signs of strength as
minutes
from the last Federal Reserve meeting showed a
commitment to continue scaling back bond purchases as long as the
economy improves.

The euro was slightly lower against the greenback, with EUR/USD
at just over 1.37, not far off a two-month high.

Meanwhile the pound was trading lower against the dollar after
Wednesday’s data showing UK unemployment ticked up in the three
months to December.


GBP/USD
traded at 1.6661, around one cent below its recent
four-year high.

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Written by
Currencies Direct

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