FOREX-Dollar rises for more than a month on concerns over China’s economy

(Updates prices, adds analyst opinion in column 10, adds column on Argentine peso in column 15) Hannah Lang WASHINGTON, Aug 14 (Reuters) – The U.S. dollar rose more than a month on Monday as investors sought a safe haven amid worries about China’s economy and the yen the most since November. Traders called for Japanese government intervention after hitting lows. The dollar index, which tracks the currency against its major peers, rose 0.301% to 103.170, hitting its highest level in more than a month. Analysts said investors bought the dollar as a shelter from worries about the health of the global economy, particularly China. Country Garden, China’s biggest private developer, is seeking to delay payments on a private offshore bond for the first time in a fresh sign of pressure on the sector, a source told Reuters. Meanwhile, two Chinese listed companies said over the weekend that they had not received payments for maturing investment products from asset manager Zhongrong International Trust. „A lot of traders are refocusing on China,” said Edward Moya, senior market analyst at OANDA. „With their current asset crunch, I think there’s a lot of concern about their growth outlook, and I think that’s a big red flag for one of the largest wealth managers not being able to meet their debt obligations.” Japan’s yen traded at its lowest level since November at 145.50 per dollar, with the dollar gaining 0.36% against the currency. The Bank of Japan has stuck to its aggressive monetary policy as other global central banks have raised interest rates, leaving yields in other countries more attractive and weighing heavily on the yen. Japan intervened in currency markets in September when the dollar crossed 145 yen, prompting the Ministry of Finance (MOF) to buy the yen and pushing the pair to around 140 yen. The yen is down nearly 10% against the dollar for the year. „I wouldn’t be surprised to see some news from the Bank of Japan in the next week or two,” said Helen Given, FX trader at Monex USA in Washington. The Australian dollar fell to its lowest level since May, losing 0.28% to $0.648 against the US dollar. The currency is often seen as a reflection of investor sentiment towards China. Sterling was last down 0.16% at $1.2676, while the euro was down 0.38% at $1.09045. Russia’s ruble reversed course after crossing 100 to the dollar on Monday, driven in large part by falling energy export revenues and higher government spending on the war in Ukraine, as the Russian current account surplus shrank. That reversal came after Russia’s central bank stoked expectations of another big rate hike in announcing an extraordinary policy meeting on Tuesday. Argentina’s peso fell on Monday after a far-right libertarian who wants to ax the central bank and dollarize the economy unexpectedly won a primary election. This prompted the Argentine government to devalue its currency by nearly 18%. Economic data could move currencies later in the week as investors examine Chinese industrial output and consumer spending data minutes ahead of the latest US Federal Reserve meeting on Tuesday. British inflation figures are also due on Wednesday. Japanese GDP data is due on Tuesday ahead of inflation figures on Friday. ========================================================= ===== ====== Currency Bid Prices at 3:00PM (1900 GMT) Description RIC Last US Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar Index 103.1700 102.8700 +0.30% -0.309% – 0.30906 $1.0904 $1.0947 -0.38% +1.77% +$1.0965 +$1.0874 Dollar/yen 145.5050 144.9550 +0.38% +10.98% +145.5700 +1414.6500 +1414.6500 % 3.09% +158.8200 +158.2000 USD/Swiss 0.8790 0.8764 +0.30% -4.94% +0.8828 +0.8756 Sterling/Dollar $1.2674 $1.2697 -0.16% +4.82% +$1.2713 +$1.2617 Dollar/Canadian 1.3468 1.3446/1.3446 +0.1781 Dollar $0.6479 $0.6498 -0.28% -4.94 % +$0.6503 +$0.6454 Euro/Swiss 0.9585 0.9595 -0.10% – 3.13% +0.9613 +0.9576 Euro/Sterling 0.8601 0.8620 -0.22% -2.75% +0.8630 +0.860.9 9% -6.02% +$0.5991 +$0.5944 Dollar/Dollar Euro/ Norway 11.4239 11.4084 +0.1 4% +8.86% +11.4769 +11.4069 Dollar/Sweden 10.8100 10.8246 -0.52% +3.86% +10.8866 +10.8866 +10.8866 +10.7707 0.52% +5.73% +11.8886 +11.7734 (Reporting by Hannah Long in Washington; Harry Robertson in London and Ankur in Singapore Banerjee Additional reporting by Susan Fenton, Kirsten Donovan, (Editing by Paul Simao and Cynthia Osterman)

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