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Dollar rises close to three-month highs after weak Chinese data

Reuters – The U.S. dollar gained in early European trade Tuesday, as traders turned to this safe haven after disappointing Chinese services activity hit risk-taking sentiment.

At 03:00 ET (07:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.3% higher at 104.382, close to three-month highs.

Data released earlier Tuesday showed that China’s services activity expanded at the slowest pace in eight months in August, with stimulus from Beijing having so far failed to meaningfully revive the second largest economy in the world.

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