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After disappointing Chinese economic figures dampen risk sentiment, the greenback became more appealing

By Rana Gharib
31 May,2023
After disappointing Chinese economic figures dampen risk sentiment, the greenback became more appealing

On Wednesday, the greenback railed as a result of risk sentiment being negatively impacted by dismal Chinese activity data and an essential barrier being overcome by the debt ceiling agreement.

The dollar index that gauges the greenback versus its major pairs added 0.2% to 104.300, inched lower the highest level in two months touched at 104.420 previously during the week.

Data made public earlier on Wednesday revealed that Chinese manufacturing activity contracted in May for the second month in a row and at a faster rate than in April.

The world's second-largest economy's overall growth in business activity shrank as a result of the weakening in the crucial manufacturing sector, which is a key driver of regional growth. This decreased risk attitude benefited the safe haven dollar.

EUR/USD slipped 0.5% to 1.0685, following North Rhine, a German state, reported an annual inflation rate of 5.7% in May, far lower than the 6.8% forecast and the previously reported 6.7%.

GBP/USD dropped 0.2% to 1.2384, following a 0.4% gain the earlier day.

USD/JPY dropped 0.2% lower to 139.47, having jumped to140.93 in the earlier session.

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