Dollar bid on global growth fears after weak Chinese data



* Graphic: World FX rates Link

By Karen Brettell

NEW YORK, Aug 15 (Reuters) - The safe-haven dollar bounced on Monday while commodity sensitive currencies including the Australian dollar tumbled after a new batch of disappointing Chinese data bolstered global recession worries.

Chinese industrial output, retail sales and fixed-asset investment all fell short of analyst estimates in data published on Monday, as a nascent recovery from draconian COVID-19 lockdowns faltered.

"Bad data from China also weighs on recession worries for the rest of the world," said Ipek Ozkardeskaya, market strategist at Swissquote. That pushed down the euro against the greenback, she added.

The U.S. dollar index =USD gained 0.45% to 106.15. The euro EUR=EBS eased 0.55% against the dollar to $1.0200.

The Australian dollar AUD=D3 , which is sensitive to commodity prices and viewed as a proxy for global growth, dropped 1.37% to $0.7022.

The offshore yuan CNH= hit 6.7904, the weakest since Aug. 2, after China's central bank cut key lending rates in a surprise move to revive demand.

The dollar index has fallen from a 20-year high of 109.29 on July 14 on hopes that the Federal Reserve will slow its aggressive pace of rate increases and that the worst of inflation increases may be behind us.

Concerns that the Fed tightening will send the economy into recession has also helped to send U.S. Treasury yields lower.

However, Fed officials have maintained a hawkish tone and stressed that it is too soon to declare victory on inflation.

“The Fed is telling us they want to tighten financial conditions and the market has eased them, so the Fed is going to have to drive home its point with a larger rate hike,” said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York, adding that he expects the U.S. central bank to raise rates by 75 basis points at its September meeting.

Data this week including industrial production on Tuesday and retail sales on Wednesday could also “help ease fears that the U.S. contracted again,” Chandler said, which would boost the greenback.

A New York state manufacturing survey on Monday showed a sharp decline in activity in August.

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Currency bid prices at 9:50AM (1350 GMT) Description

RIC

Last

U.S. Close Pct Change

YTD Pct

High Bid

Low Bid

Previous

Change

Session

Dollar index

=USD

106.1500

105.7000

+0.45%

10.962%

+106.3400 +105.5400 Euro/Dollar

EUR=EBS

$1.0200

$1.0257

-0.55%

-10.28%

+$1.0270

+$1.0186 Dollar/Yen

JPY=EBS

132.7200

133.6100

-0.67%

+15.29%

+133.5850 +132.5550 Euro/Yen

EURJPY=

135.37

136.93

-1.14%

+3.88%

+137.0700 +135.2900 Dollar/Swiss

CHF=EBS

0.9437

0.9411

+0.16%

+3.33%

+0.9466

+0.9409 Sterling/Dollar GBP=D3

$1.2082

$1.2135

-0.44%

-10.66%

+$1.2148

+$1.2051 Dollar/Canadian CAD=D3

1.2930

1.2773

+1.23%

+2.27%

+1.2934

+1.2774 Aussie/Dollar

AUD=D3

$0.7022

$0.7122

-1.37%

-3.37%

+$0.7125

+$0.7012 Euro/Swiss

EURCHF=

0.9625

0.9653

-0.29%

-7.18%

+0.9663

+0.9618 Euro/Sterling

EURGBP=

0.8441

0.8451

-0.12%

+0.49%

+0.8470

+0.8431 NZ

NZD=D3

$0.6368

$0.6456

-1.34%

-6.95%

+$0.6456

+$0.6357 Dollar/Dollar

Dollar/Norway

NOK=D3

9.6965

9.5785

+1.06%

+9.88%

+9.7070

+9.6040 Euro/Norway

EURNOK=

9.8939

9.8095

+0.86%

-1.19%

+9.9042

+9.8188 Dollar/Sweden

SEK=

10.3088

10.1833

+0.53%

+14.31%

+10.3095

+10.1907 Euro/Sweden

EURSEK=

10.5106

10.4550

+0.53%

+2.70%

+10.5176

+10.4644
Additional reporting by Joice Alves in London; Editing by Kirsten Donovan

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