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- European session review: USD gains as weaker-than-expected economic data out of China bolster demand for safe-haven currencies
European session review: USD gains as weaker-than-expected economic data out of China bolster demand for safe-haven currencies
USD strengthened against most of its major rivals in the European session on Monday, as market participants moved into the safe-haven currencies after a raft of disappointing data from China heightened concerns about a COVID-linked slowdown in economic growth and ongoing supply chain disruptions.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, rose 0.14% to 92.65.
China's July data on retail sales, fixed-asset investment, and industrial output were below economists' forecasts and showed slower growth rates than what was recorded in June, suggesting a growth deceleration in the world's second-largest economy.
Sentiment also was dented by increased geopolitical concerns sparked by a fall of Afghanistan to the Taliban.
In addition, investors also took a cautious stance, awaiting the speech of the Federal Reserve Chairman Jerome Powell at a virtual event on Tuesday and the release of the minutes of the U.S. the central bank's latest meeting on Wednesday, hoping to receive clues on the timing of changes to its $120 billion in monthly bond purchases.
The safe-haven CHF and JPY also appreciated, with both currencies trading higher against USD.
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