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Forex - Dollar dips on Chinese data, ECB growth forecast
Published Aug 10, 2012 03:16PM ET
In U.S. trading on Friday, EUR/USD was down 0.09% at 1.2295.
China reported earlier that its trade surplus narrowed unexpectedly in July, dropping to USD25.1 billion from a USD31.7 billion surplus.
Economists were expecting a USD35.1 billion surplus.
Ebbing demand for Chinese exports spooked markets worldwide on fears the global economy may be battling stronger headwinds than once thought.
Meanwhile in Europe, the European Central Bank on Thursday trimmed its forecast for economic growth to 0.6% in 2013, down from 1% previously.
The ECB also forecast a 0.3% contraction in growth this year, slightly worse than its previous forecast for a 0.2% contraction.
The news cemented views that central banks around the world will take steps to stimulate their respective economies with monetary policy tools, which tend to weaken safe-haven currencies like the dollar and send higher-yielding currencies and stocks rising.
Federal Reserve officials have said they cannot rule out rolling out a third round of asset purchases from banks, a stimulus tool known as quantitative easing that pumps liquidity into the economy to spur recovery, weakening the greenback in the process.
European Central Bank President Mario Draghi has said monetary policy officials will do whatever it takes to bolster the economy, which kept the euro down against an otherwise weakening dollar.
The greenback, meanwhile, was down against the pound, with GBP/USD trading up 0.22% at 1.5672.
The dollar was down against the yen, with USD/JPY trading down 0.40% at 78.25, and up against the Swiss franc, with USD/CHF trading up 0.07% at 0.9767.
The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.07% at 0.9918, AUD/USD down 0.12% at 1.0567 and NZD/USD up 0.03% at 0.8124.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.06% at 82.63.
Later Thursday, the U.S. is to publish its weekly report on initial jobless claims and data on the trade balance.
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