Tuesday, 22 January 2019 08:30 WIB |
The dollar hovered near 2-week highs against its peers on Tuesday as a slowdown in China's economy to 28-year lows revived investor concerns over global growth and supported safe-haven currencies.
Overnight, the International Monetary Fund (IMF) cut its 2019 and 2020 global growth forecasts, citing a bigger-than-expected slowdown in China and the Eurozone, and said failure to resolve trade tensions could further destabilize a slowing global economy.
Those fears were brought to the fore on Monday when data showed the Chinese economy grew at its slowest pace since 1990 last year in an ominous sign for 2019. Cooling growth in the world's second largest economy has already put a dent on profits for firms ranging from Apple to big carmakers.
The dollar index (DXY), which measures its strength against a group of six major currencies, was steady at 96.33, holding near a 2-week high of 96.43 hit on Monday.
The yen , another safe-haven currency, was steady against the dollar, fetching 109.64 in early trade.
Source : Reuters