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The greenback muted as China's economy outperforms forecasts

By Rana Gharib
18 Oct,2023
The greenback muted as China's economy outperforms forecasts

After surging the day before, the dollar traded flat on Wednesday as China's stronger-than-anticipated growth helped temper the greenback's rise.

The possibility of the war between Israel and the Palestinian militant group Hamas escalating was kept in check by a bomb at a Gaza hospital, which also kept traders nervous. President of the United States Joe Biden visited Israel on Wednesday in an effort to stop an escalation.

China's GDP expanded by 1.3% in the third quarter, above market expectations of a 1% gain and speeding up from 0.5% in the second quarter. Both industrial output and unemployment decreased.

The dollar index that gauges the greenback versus its major pairs inched up by 106.3.

EUR/USD dipped 0.2% at $1.0555.

GBP/USD muted at $1.2179 as British inflation figures did not match projections as it was predicted to fall.

USD/JPY inched a bit by 149.68 to the dollar. In an unpredicted move, the Bank of Japan stated on Wednesday that it would continue to buy bonds for $2 billion to keep yields down.

 

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