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Dollar Slips as Investors Focus on Recovery Outlook


Monday, 1 June 2020 08:47 WIB

EuroDolar AS YuanDolar Australia,Poundsterling


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The dollar slipped on Monday as investors looked past unrest in the United States to the global economic recovery from the coronavirus and hoped for an easing in Sino-U.S. tensions.

The risk-sensitive Australian dollar shrugged off early pressure and gained 0.4% to hit a three-month high of $0.6703.

The euro was firm and sterling tested a three-week high. The kiwi and the oil sensitive Canadian dollar and Norwegian krone all rose about 0.3%, even as oil prices eased.

Data on Sunday painted a mixed picture of China's recovery, with momentum gaining in the construction and services sector even as factory activity growth slowed a touch.

Against a basket of currencies the dollar had its worst month this year in May and was under pressure on Monday, dipping by a fraction to 98.166.

The Chinese yuan , which had firmed sharply on Friday, was steady near where it left off at 7.1367 per dollar.

The euro held steady at $1.1118, just below a two-month high of $1.1145 hit on Friday as investors drew confidence from the European Union's plans for a coronavirus recovery fund.

The pound rose 0.3% to $1.2379, close to a three-week peak hit on Friday, as Britain moves out of lockdown.

Source : Reuters


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