WASHINGTON - The US dollar moved only slightly higher against the euro as currency markets stayed calm despite poor trade data from China that augured slower growth for the world’s second largest economy.
The euro edged down to $1.2291 compared to $1.2301 Thursday, according to trading rates at 2100 GMT.
The Japanese yen gained moderately on both: the euro bought 96.16 yen, compared to 96.64 yen Thursday.
, while the dollar was at 78.25 yen, down from 78.55 a day earlier.
The main news of the day, that China’s exports and imports slowed for the second consecutive month in July, spelled worsening conditions for a key driver of global growth.
Sharply below market expectations, the figures added to concerns that China’s economy is still losing steam despite government efforts to prop up growth and investment to lessen the impact of the global slowdown.
But there was little consequence in the currency markets, said Andrew Taylor of forex specialists GFT.
“This calm reaction by traders could be in response to the signs plastered all over dealing rooms saying ‘Bad News = Positive for Markets,’ as expectations for stimulation by Chinese officials will form near-term support, post initial market adjustments,” Taylor said.
The British pound edged up against the greenback to $1.5689 from $1.5635, while the dollar was essentially flat against the Swiss franc at 0.9769 francs.