Asian currencies rise on China data rebound

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Asian currencies firmed on Monday as China’s economic data for the third quarter showed growth with the yuan standing near its 1 ½-year high.

The yuan, Aussie, and the kiwi fell from session highs after China’s GDP headline missed expectations. However, consumption data also implied better growth in the current quarter.

The yuan sat at 6.6935 on the dollar in offshore trade, its strongest since April 2019. The Aussie rose 0.3% to $0.7098, while the kiwi climbed 0.4% to $0.6627.

The dollar was stable, supported by concerns about rising global COVID-19 cases. The dollar index steadied at 93.68, near the last three months’ trading range.

Against the euro, the dollar steadied at $1.1714. Investors are closely monitoring updates on the upcoming U.S. presidential election.

The Norwegian crown rose 0.5% to 9.3430 on the dollar and at 10.9395 against the euro.

The British pound gained 0.4% to 90.38 pence per euro on hopes that the deadlock in Brexit talks will be broken. Against the dollar, it rose 0.3% to $1.2955.

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