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The U.S. Dollar Closed Weakened From Highest Level in 7 Months Sparked Market Sentiment

Jakarta (Benchmark News) – The U.S. dollar closed weakened from the highest level of seven months, because China’s trade balance data sparked worries that markets are expecting a rise in US interest rates later this year. The US Dollar Index, which monitors the movement of the US dollar against other major currencies, weakened closed 0.46% or 0.45 points to position 97,516. The U.S. currency also fell from the highest level in two months against the yen and the franc Switzerland, two safe-haven currencies that benefit in times of political or financial pressures.

“A significant decline in China’s growth can once again thwart the U.S. Government’s plan to stabilize the monetary policy,” said Boris Schlossberg, Director of currency strategy BK Asset Management, as quoted Reuters. ” May still be too early to consider such possibilities, but the news today of course correcting us dollars more in, “added Schlossberg. Exports from China, the world’s second largest economy, down 5.6% denominated in yuan in September from a year earlier. While exports in u.s. dollars fell 10%. Meanwhile, the U.S. dollar weakened 0.5% against the yen on position 103.61 yen per u.s. dollar after reaching the strongest level since the end of July….(Red)

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