Dollar rally on hold as upbeat China PMI data sparks risk-on mood

The dollar eased on Wednesday after China’s manufacturing activity expanded at its fastest pace since April 2012 and exceeded forecasts, sending traders flocking towards riskier assets on renewed optimism and away from the safe-haven dollar. | Reuters

“The strong set of China PMIs breathed some life into the China reopening trade,” said Christopher Wong, a currency strategist at OCBC.

“I think market participants will pay a close look to the January CPI indicator in order to gauge the near-term outlook for RBA policy,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia . Across the board, the U.S. dollar edged lower on Wednesday as markets cheered the revival of activity in the world’s second-largest economy following China’s exit from its stringent COVID policies late last year.That revived some optimism for the China-reopening trade and raised hopes of a more subdued downturn in the global economy in the wake of aggressive interest rate hikes by major central banks.

Sterling edged 0.22 percent higher to $1.2045, having surged 1 percent at the start of the week after Britain struck a post-Brexit Northern Ireland trade deal with the European Union.

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