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Dollar drops against yen after China GDP data

January 20, 2014

The U.S. dollar retreated for a third straight session on Monday versus the Japanese yen after a data showing that China's growth slowed in the last quarter of 2013. Data released today showed that Chinese growth eased expansion to 7.7 percent in the last quarter from 7.8 percent in the previous three months, where the World Bank slashed last week its growth forecast for China . The USDJPY is currently trading around 104.03, falling form a high of 104.31 to touch a low of 103.85. Correctional movements are predominant today amid the absence from economic fundamentals from Europe and due the closure of U.S. markets because of Martin Luther King Day . The U.S. dollar plummeted against a basket of major currencies to hover around 81.20 after setting a high of $81.41 . The single currency recovered from a two-month low against the dollar to trade around 1.3558,while halted gains after hitting a high of 1.3564. Later in the week, eyes will focus on euro area PMI manufacturing and services data for January (advanced reading) and German investor confidence for January. By the same token, the British pound rose versus the greenback after ending last week on a loss, ahead of BOE minutes and unemployment data this week. The GBPUSD is meanwhile trading around 1.6418 after touching a high of 1.6451 and a low of 1.6393.

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Source: Financial Markets

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