Dollar Up China Services Sector Grows

FxPremiere.com Forex Signals / The dollar was up on Thursday morning in Asia as investors digested China’s Caixin services data, while awaiting key U.S. economic data for clues on the economic outlook and the U.S. Federal Reserve’s policy decision.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.14% to 90.023 by 1:50 AM ET (5:50 AM GMT).

The USD/CNY pair edged up 0.12% to 6.3882. Investors continue to monitor shifts in Chinese policymakers’ stance on the currency after the People’s Bank of China tightened its Banks’ forex requirements earlier this week to curb the yuan’s surge.

Data released earlier in the day said May’s Caixin Services Purchasing Managers Index (PMI) was 55.1, indicating a slower growth rate in the services sector in China.

The USD/JPY pair was up 0.21% to 109.78 as services PMI fell to 46.5 in May in Japan, according to data released earlier in the day.

Dollar Up From Five Month Low

The AUD/USD pair was down 0.26% to 0.7732 after data released earlier in the day said Australia’s retail sales increased 1.1% month-on-month in April. Across the Tasman Sea, the NZD/USD pair fell 0.28% to 0.7216.

The GBP/USD pair edged down 0.11% to 1.4152 as investors await the U.K.’s services PMI data in May, due later in the day.

Investors bet a falling dollar driven by the world’s ongoing economic recovery from COVID-19. But they remained concerned that the Fed will change its stimulus measures due to a strong economic rebound.

“The major pairs (are) still stuck within ranges,” analysts at Singapore’s OCBC Bank in a note. However, they added that yield differentials seem to be moving in the dollar’s favor and that policymakers’ tone is subtly changing.

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Dollar Up China Services Sector Grows

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