October 12, 2018 / 3:29 PM / 8 days ago

FOREX-Dollar rises on stock rebound, upbeat Chinese data

    * China produces record trade surplus with U.S. despite
tariffs
    * Chinese export data lift risk appetite, trade worries
    * Sterling retreats before EU summit next week
    * Euro declines as ECB's Draghi moderates inflation outlook
    * Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh

 (Updates market action, changes dateline, previous LONDON)
    By Richard Leong
    NEW YORK, Oct 12 (Reuters) - The dollar climbed on Friday
against a basket of currencies as global equity prices rebounded
from a six-day rout and robust Chinese export figures soothed
some worries about the world's second-biggest economy and its
trade war with Washington.
    Euro and sterling snapped their three-day winning streak in
advance of next week's European Union summit where Britain and
the economic bloc may strike a Brexit deal.
    China's exports jumped 14.5 percent in September from a year
earlier, the biggest year-over-year increase in seven months and
marking a record trade surplus with the United States. This
suggested the tariffs U.S. President Donald Trump has slapped on
Beijing have yet to bite.    
    "The market breathed a sigh of relief with the Chinese trade
numbers despite the tit-for-tat trade war with the U.S.," said
Dean Popplewell, vice president of market analysis at Oanda in
Toronto. "People were happy to put on some risk."    
    A weaker yuan likely mitigated the sting from U.S. duties on
$250 billion worth of Chinese-made goods, analysts said.
    U.S. Treasury Secretary Steven Mnuchin said on Friday he
told China's central bank chief that currency issues need to be
part of any further U.S.-China trade talks.
    At 10:43 a.m. (1443 GMT), an index that tracks the dollar
versus six major currencies was up 0.29 percent at
95.291. 
    It touched a seven-week high of 96.15 on Tuesday as U.S.
10-year Treasury yield hit a 7-year peak due to 
worries about rising inflation and U.S. government debt supply.
    The MSCI All-Country World index, which
tracks shares in 47 countries, was up 1.16 percent on the day. 
    The euro and pound retreated from two-week and three-week
peaks, respectively, versus the greenback reached following
comments from EU Brexit negotiator Michel Barnier on Wednesday
who suggested an agreement for Britain to leave the EU could be
reached next week.    
    The single currency was down 0.35 percent at $1.1553, while 
sterling was 0.52 percent lower at $1.3166.    
    The common currency also fell after European Central Bank
President Mario Draghi toned down his outlook for a rise in
underlying inflation from "relatively vigorous" to "gradual."

    The Chinese yuan fell 0.5 percent to 6.9123 per
dollar in offshore trading, as the latest Chinese export figures
stoked concerns they would ratchet up trade tension between
China and the United States.
========================================================
    Currency bid prices at 10:42AM (1442 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.1550        $1.1593     -0.37%         -3.72%      +1.1610     +1.1536
 Dollar/Yen       JPY=        112.1400       112.1600    -0.02%         -0.47%      +112.4900   +112.0200
 Euro/Yen         EURJPY=     129.55         130.02      -0.36%         -4.16%      +130.4900   +129.4300
 Dollar/Swiss     CHF=        0.9919         0.9893      +0.26%         +1.81%      +0.9930     +0.9883
 Sterling/Dollar  GBP=        1.3164         1.3233      -0.52%         -2.58%      +1.3258     +1.3165
 Dollar/Canadian  CAD=        1.3026         1.3027      -0.01%         +3.57%      +1.3040     +1.3002
 Australian/Doll  AUD=        0.7121         0.7123      -0.03%         -8.72%      +0.7139     +0.7112
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.1461         1.1470      -0.08%         -1.95%      +1.1492     +1.1450
 Euro/Sterling    EURGBP=     0.8772         0.8757      +0.17%         -1.25%      +0.8781     +0.8746
 NZ Dollar/Dolar  NZD=        0.6509         0.6520      -0.17%         -8.14%      +0.6532     +0.6509
 Dollar/Norway    NOK=        8.1820         8.2135      -0.38%         -0.30%      +8.2218     +8.1724
 Euro/Norway      EURNOK=     9.4546         9.5226      -0.71%         -4.03%      +9.5367     +9.4496
 Dollar/Sweden    SEK=        8.9764         8.9726      -0.33%         +9.45%      +8.9835     +8.9387
 Euro/Sweden      EURSEK=     10.3693        10.4032     -0.33%         +5.39%      +10.4095    +10.3560
    

    
 (Additional reporting by Tom Finn in LONDON, Vatsal Srivastava
in SINGAPORE
Editing by Larry King and Phil Berlowitz)
  
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