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The U.S. dollar hit its highest levels in more than a month on Monday amid worries over China’s economy, while Wall Street struggled for any clear picture ahead of fresh data on consumer appetite.
The dollar index, which tracks the greenback versus a basket of six currencies, was last up 0.28 percent at 103.133, after hitting its highest level since July 7.
The dollar surged on news that China’s new bank loans tumbled in July even as policymakers cut interest rates. Investors also feared that trouble at the nation’s largest private property developer, Country Garden, could have a chilling effect on home buyers and financial institutions.
Country Garden’s shares plunged 18 percent to a record low on Monday after its onshore bonds were suspended for the first time.
Meanwhile, two Chinese listed companies said over the weekend they had not received payment on maturing investment products from asset manager Zhongrong International Trust Co.
“A lot of traders are focusing again on China,” said Edward Moya, senior market analyst at OANDA. “I think there’s so much concern with just their growth outlook, with their current property crisis, and I think one of the biggest wealth managers not being able to make (their) debt obligations is a big red flag.
