Economic news

Dollar retreats from recent peak

The rally in British pound pushed the dollar off its recent high on Thursday. The dollar index .DXY sank 0.27 percent to 96.867.

Photo: Reuters

The greenback has recently suffered a surge after impressive economic reports, including numbers last week which showed the U.S. economy slowed less than predicted in the third quarter.

The euro gained 0.3 percent to $1.1343, getting a relief after skidding to $1.1302 in the previous session, its trough since mid-August. The common currency has been dragged down by weaker-than-expected economic data from the euro area.

The Aussie leaped 0.75 percent to $0.7125 after solid internal trade data helped offset some of the worries over slowdown in China's economy - Australia’s largest trading partner.

China’s yuan firmed to 6.9668 a dollar in onshore trade, but it was still near a decade nadir at 6.9780 touched the previous session on trade war concerns and slowing Chinese growth.

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