AFP, New York :
The dollar slipped against the euro and yen Monday as Chinese corporate profits data raised more uncertainty about the pace of global growth.
Government data showed profits at major Chinese industrial companies fell 8.8 percent in August from a year ago. The steepest profits drop since 2011 added to concerns about the economic slowdown under way in China and sent share markets tumbling.
“The sharp sell-off in stocks, decline in Treasury yields and mixed US economic reports contributed to the weakness in the greenback but none of these reasons, including data, is damaging enough to halt the uptrend in the greenback,” said Kathy Lien of BK Asset Management.
The euro fetched $1.1242 Monday, up from $1.1202 Friday, while the dollar fell to 119.93 yen from 120.49 yen.
New York Fed chief William Dudley, a voting member of the Federal Reserve’s policy-setting Federal Open Market Committee, said a long-awaited rate hike was still on track for 2015, echoing comments by Fed Chair Janet Yellen on Thursday that had pushed up the dollar.
The rate move could come at the two remaining FOMC meetings this year, in late October or mid-December, Dudley said in an interview with The Wall Street Journal published Monday.
A higher interest rate typically would boost the greenback.
The dollar trading lower against the euro and yen Monday would be “testing the patience of anyone who bought dollars after Yellen’s speech last week,” Lien added.
The dollar slipped against the euro and yen Monday as Chinese corporate profits data raised more uncertainty about the pace of global growth.
Government data showed profits at major Chinese industrial companies fell 8.8 percent in August from a year ago. The steepest profits drop since 2011 added to concerns about the economic slowdown under way in China and sent share markets tumbling.
“The sharp sell-off in stocks, decline in Treasury yields and mixed US economic reports contributed to the weakness in the greenback but none of these reasons, including data, is damaging enough to halt the uptrend in the greenback,” said Kathy Lien of BK Asset Management.
The euro fetched $1.1242 Monday, up from $1.1202 Friday, while the dollar fell to 119.93 yen from 120.49 yen.
New York Fed chief William Dudley, a voting member of the Federal Reserve’s policy-setting Federal Open Market Committee, said a long-awaited rate hike was still on track for 2015, echoing comments by Fed Chair Janet Yellen on Thursday that had pushed up the dollar.
The rate move could come at the two remaining FOMC meetings this year, in late October or mid-December, Dudley said in an interview with The Wall Street Journal published Monday.
A higher interest rate typically would boost the greenback.
The dollar trading lower against the euro and yen Monday would be “testing the patience of anyone who bought dollars after Yellen’s speech last week,” Lien added.
