Dollar starts 2019 strong, safety bid lifts yen
Wednesday, 2 January 2019 23:04 WIB | CURRENCIES |DOLLAR Yen EuroDolar ASAussiepound

The U.S. dollar climbed against the euro and sterling on Monday, starting the new year on a strong footing, but fell against the safe-haven Japanese yen as investors remained wary of slowing global growth and volatile equity markets.

The euro fell 0.9 percent against the U.S. dollar, following weak manufacturing data from Spain, France, Italy, and Germany.

Factory activity weakened across much of Europe and Asia in December as the U.S.-China trade war and a slowdown in demand hit production in many economies, offering little reason for optimism as the new year began.

Traders expect the single currency to remain under pressure as both growth and inflation in the euro zone remain below the European Central Bank™s expectations.

Sterling fell 1.1 percent, partially reversing some of the gains notched earlier this week, as strong factory surveys failed to dispel growing concerns over Brexit negotiations.

Against the yen, which tends to benefit during geopolitical or financial stress as Japan is the world™s biggest creditor nation, the dollar was 0.36 percent lower.

The Australian dollar, whose fortunes largely depend on the Chinese economy to which Australia sends a bulk of its commodities, fell 0.9 percent.

Source: Marketwatch

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