Economic news

Dollar loses momentum, China's yuan firm

The U.S. dollar sank versus a basket of its major peers on Wednesday as its recent rally on global trade dispute eased, while the yuan firmed near a one-week peak in the offshore trading.

Photo: Reuters

The dollar index dropped 0.15 percent to 95.065. It slumped as low as 94.994 overnight.

China’s offshore yuan was steady at 6.8262, reversing some early gains after touching a one-week top of 6.8063 earlier in the session.

The Australian dollar ticked up 0.1 percent to $0.7431.

The yen was virtually flat at 111.38 a dollar. The euro added near 0.2 percent to $1.16185.

Crude prices were stable after U.S. sanctions on Iranian products went into effect, fueling worries that sanctions on Iranian oil, scheduled in November, could trigger supply shortages.

Brent futures traded at $74.59 per barrel, unchanged on the day but keeping gains of about 2 percent so far this week. U.S. West Texas Intermediate (WTI) crude futures traded at $69.16 per barrel, set for a weekly rise of 1 percent.

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