MW: U.S. dollar drops further after strong China trade data
The U.S. dollar lost further ground against global currencies Wednesday as risk appetite improved following strong Chinese trade data for September.
The dollar index (DXY 75.61, -0.37, -0.48%) , which tracks the greenback against a trade-weighted basket of six major currencies, was at 75.580, down from 75.941 in late North American trading Tuesday, where it hit a 14-month low. See full story.
The dollar was recently buying 88.96 yen, compared with 89.66 yen late Tuesday.
The euro, rose to $1.4865 from $1.4851 late Tuesday, while the British pound climbed to $1.5956 from $1.5916.
The dollar's latest decline came after official data showed that China's exports as well as imports declined at a slower-than-expected pace in September.
The Chinese data also sent prices of commodities higher. Spot gold prices rose $3.50 to $1,067.60 a troy ounce and light sweet crude-oil prices for November delivery added 90 cents to $75.05 a barrel on Globex.
