The Australian dollar reached $0.6650 recently. Thus, it approached its highest peak in more than two months. The New Zealand dollar traded at $0.6208. Therefore, it was near its strongest point since the early days in March.
Investors cheered for the gradual re-opening of business activity in these countries. The New Zealand dollar and Australian dollar were thus on course for weekly gains.
It seems as though the euro will likely experience the second week of gains. The euro extended its gains to a two-month-high, on Friday.
On Friday, Trump held a news conference about plans regarding China.
Traders were waiting for Donald Trump’s, the United States President’s response to China’s tightening control over Hong Kong. This situation might further worsen tensions between the two countries over the financial hub.
Investors were looked for safe havens, before Trump made a response to China passing a national security law for Hong Kong. Thus, the yen rose against major currencies.
Moh Siong Sim is a currency strategist at the Bank of Singapore. He thinks that the market is still fearful. Sim said that the market is afraid because the situation may escalate into something more serious. That will have a meaningful impact if Trump will be severe with trade tariffs.
Sim added that you could never quite predict the United States President, Donald Trump’s, steps. Nevertheless, he thinks that it is a challenging year for him to behave severely.
The Yuan was little changed in offshore trading. It traded at 7.1661 per dollar.
That was not far from Wednesday’s reached nine-month low of 7.1965 Yuan per dollar.
The European Commission announced its stimulus plan earlier this week. Thus, after its euro got a boost. It rose by 0.2% to $1.111. That is the highest indicator we have seen since March 30.
The sterling was stable against the dollar.
The dollar fell by 0.4% at 107.17 against the Japanese currency.
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