Economic news

Dollar boosted by slowing China’s economy

The dollar crept up on Friday as traders turned cautious after China's retail sales and industrial output weakened.

Photo: Reuters

The dollar index .DXY surged 0.4 percent to 97.455. It advanced 1 percent since Monday, set for its best weekly performance in more than 2 months.

The yen was flat at 113.59 yen per greenback. The U.S. currency has surged 1.2 percent against its Japanese peer in the past six days as interest rate differentials between U.S. and Japan underpinned the buck.

The Chinese yuan sank 0.4 percent to 6.9037 in offshore trading following weaker-than-expected economic numbers. Retail sales increased last month at their worst pace since 2003 and industrial production grew the least in almost three years.

The Aussie skidded 0.8 percent to $0.7169. China is Australia’s biggest trade associate.

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