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Dollar In Narrow Range As Focus Shifts To Trump China Response


Friday, 29 May 2020 08:19 WIB

DOLLAR


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The dollar was hemmed into a narrow trading range on Friday as traders’ focus shifted to U.S. President Donald Trump’s response to China’s passage of a national security law for Hong Kong.

The yuan pulled away from a record low in offshore trade, but investors remain nervous ahead of Trump’s announcement later on Friday of policy moves that could ignite a diplomatic row between Washington and Beijing.

The greenback was on course for a weekly loss against major currencies as progress in lifting coronavirus lockdowns and stimulus plans in Europe weakened demand for safe havens, but the mood could quickly worsen if Sino-U.S. tensions increase.

The dollar stood at $1.1073 per euro in Asia on Friday, close to its lowest since March 30.

The common currency was headed for its second weekly gain against the greenback as the EU’s announcement of a 750-billion-euro coronavirus recovery fund fuelled optimism about the euro-zone economy.

The dollar last bought 0.9644 Swiss francs, on course for a 0.7% weekly decline.

The greenback was little changed at 107.67 yen.

The Australian dollar bought $0.6630, close to its highest in more than two months, while the New Zealand dollar traded at $0.6204, near its strongest since March 11.

Source : Reuters


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