US dollar rebounds as China douses currency war fears

London

THE US dollar recovered from a one-month low against the euro on Thursday as the yuan's decline slowed, easing worries that China's decision to devalue its currency was a deliberate attempt to gain a competitive advantage.

The biggest move among major currencies came in Europe on Thursday: a 1.6 per cent rise in the Swedish crown to a nine-day high of 9.4570 crowns per euro, after Sweden reported better-than-expected inflation data. That left the crown on track for its biggest one-day gain in three years.