Let us check the market. Most significant currencies fall versus the United States dollar, except the Japanese yen. United States non-farm payrolls a day later perceived as weak.
The United States President Donald Trump took steps to ban transactions with the Chinese owners of two popular mobile applications. Thus, on Friday, the United States dollar rebounded while other major currencies weakened.
On Thursday, the United States President Donald Trump issued an order to ban transactions with ByteDance. ByteDance is a Chinese company that owns the video-sharing app TikTok. Moreover, he banned transactions with Tencent Holdings Ltd. Tencent Holdings Ltd is a company that owns WeChat messaging applications.
Even though employment data in the United States was forecasted to come in weaker, the United States dollar strengthened. Nevertheless, any surprise to the upside would push the dollar higher, with expectations being so low. That is what analysts said.
Esther Maria Reichelt works at Commerzbank. She is a currency an analyst there. So, Reichelt said that what matters now for currencies is still the economic outlook. Moreover, she added that the key is still which countries emerge after coronavirus as winners.
Reichelt said that it is easy for the United States dollar to find a reason to appreciate again.
Due later on Friday, non-farm payrolls are widely forecasted to show United States jobs creation slowed in July compare from the previous month. Thus, it will most probably indicate a resurgence in coronavirus infections is undermining the economic recovery there.
The euro last traded down 0.3% at $1.1845. Thus, it retreated from its highs. Meanwhile, the British sterling also decreased by 0.2% to $1.3115.
Furthermore, other major currencies weakened against the dollar. Nevertheless, the Japanese yen was the only outlier, last trading flat at 105.58.
The Australian dollar fell. Concerns about worsening Chinese-United States relations hurt the Aussie. Also, the Reserve Bank of Australia made a downbeat assessment of the local economy.
This is what is leading news of the market.
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