- Chart: Global exchange rates https://tmsnrt.rs/2RBWI5E
NEW YORK, Sept. 10 (Reuters) – The dollar fell on Friday amid improving risk sentiment following news of the first intervention by US President Joe Biden and Chinese leader Xi Jinping in seven months.
In a statement, the White House said Biden and Xi had “a broad strategic discussion,” including areas where interests and values converge and diverge. The conversation focused on economic issues, climate change and COVID-19, a senior U.S. official told reporters. Read more
The dollar plunged 0.35% to 6.4265 yuan, approaching a more than two-month low of 6.4233 yuan reached last week.
The Australian dollar gained 0.41% to $ 0.7397 and the New Zealand dollar rose 0.56% to $ 0.7145.
The dollar index fell 0.07% to 92.459.
The greenback fell from a nine-month high in August as investors wait for new clues as to when the Federal Reserve is likely to start cutting bond purchases and possibly raising rates.
The most important thing to me is when does the Fed raise rates, and unfortunately we might not know for a little while, said Erik Nelson, macro strategist at Wells Fargo. At New York.
Fed officials grapple with increasing pressure on prices as job growth remains below targets.
The dollar narrowed its losses after data on Friday showed that U.S. producer prices rose sharply in August, indicating high inflation is likely to persist for some time as supply chains remain strained as the COVID-19 pandemic continues. Read more
It comes after employment data for August released last week showed US job growth has slowed, while wage inflation has risen more than expected. Read more
The Wall Street Journal wrote on Friday that Fed officials will seek a deal at the Fed meeting in September to start cutting bond purchases in November.
The euro was virtually unchanged at $ 1.1826 on Friday, a day after the European Central Bank announced it would cut emergency bond purchases in the next quarter. Read more
The greenback gained 0.10% to 109.91 against the safe haven value of the Japanese yen.
Currency auction price at 9:48 am (1348 GMT)
Additional reporting by Ritvik Carvalho in London
Our standards: Thomson Reuters Trust Principles.
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