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Dollar In Narrow Range As Focus Shifts To Trump China Response
Friday, 29 May 2020 08:19 WIB | CURRENCIES |DOLLAR

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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