US dollar advances for first time this week
Market demand shifted toward safe haven assets supporting the US dollar after US-China tensions became a focus . President Donald Trump criticized China’s leadership on twitter and the US Senate passed legislation which could bar Chinese companies from being listed on US exchanges. China’s National People’s Congress started on Friday.
May 21, 2020
EUR/USD 1.0985 GBP/USD 1.2235 USD/CAD 1.3909 AUD/USD 0.6593 USD/JPY 107.7500 USD/CNH 7.1200 USD/ILS 3.5134 USD/MXN 22.8595 USD/CHF 0.9678 USD/INR 75.6175
USDThe greenback strengthened against its peers as markets moved towards risk-off trading. Concerns regarding tension between the US and China heightened after the US Senate passed legislation which could ban Chinese companies from listing on US exchanges and after a tweet from President Trump.GBPSterling fell as much as 0.5%, falling below the 1.22 handle. In addition to USD strength, the British pound was pushed lower by news from the EU's Michel Barnier stating that Brexit talks have taken a turn for the worse.EUREUR/USD reversed its rally for the first time in 3 days hitting a low of 1.0952. The currency pair remains in a tight trading range as data released from the region shows early signs of the economy coming back from its lowest lows.CADUSD/CAD is slightly higher as the US dollar strengthened across the board. WTI crude rose almost 3% trading at its highest level since April 9.ASIA/PACIFIC
USD/JPY moved higher as demand for safe haven assets increased. The currency pair traded up to 107.85.
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