NEW YORK: The dollar rose on Tuesday as jitters over global growth, particularly in China, caused investors to flock to the safe-haven US currency, while the Aussie dollar slumped after the Reserve Bank of Australia kept rates steady.
China’s services activity expanded at the slowest pace in eight months in August, a private-sector survey showed on Tuesday, as weak demand continued to dog the world’s second-largest economy and stimulus failed to meaningfully revive consumption.
The decline in euro zone business activity accelerated faster than initially thought last month as the bloc’s dominant services industry fell into contraction, according to a survey which suggests the bloc could drop into recession.
The euro, was down 0.72% after hitting a near 3-month low against the dollar at $1.0719.
The US dollar also climbed against China’s currency, and was last up 0.42% at 7.3081 against the yuan traded offshore.
In cryptocurrencies, bitcoin slipped 0.58% to $25,669, hovering near a 12-week low.
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