Dollar Opens Lower On China Concerns
THE dollar opened slightly lower today after weaker global sentiment drove it down from last week’s highs.
At 7am AEDT, the dollar was trading at $US0.8875/85, down 0.2 per cent from Friday’s close of $US0.8901/03.
Between 5pm Friday AEDT and the local open, the unit traded between $US0.8781 and $US0.8914.
Commonwealth Bank vice-president of institutional banking and markets Tim Kelleher said the dollar had lost ground after last week’s gains on the back of better than expected domestic employment figures.
“It’s turned down a bit off its highs after China raised the bank requirements again over the weekend, so that has put risk on the back foot,” Mr Kelleher said from Auckland.
The Chinese central bank moved after banks extended 19 per cent of this year’s 7.5 trillion yuan (c. $1.24 trillion) target for lending in January and property prices climbed the most in 21 months.
Tags: 21 Months, 5pm, banks, China Bank, Chinese Central Bank, Commonwealth Bank, Dollar, Domestic Employment, Employment Figures, Lost, risk, Sentiment, Target, Tim Kelleher, Trillion, Vice President, Yuan
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