The United States Dollar, Offshore Yuan, and Other News

The United States Dollar, Offshore Yuan, and Other News

On Thursday, United States stocks fell, adding to broader risk aversion. It was because economic data weighed on the more overall market. Thus, technology-related shares slid for a second day.

Yamamoto said that for the United States dollar to regain its upward trend. Moreover, the market must make sure that the United States stocks pause a correction in stock prices.

The Bank of England said that it looked more closely at how it might implement negative interest rates during rising coronavirus infection cases, possible new Brexit shock, and higher unemployment. Thus, after having lost around one cent on Thursday, Sterling bought $1.2959.

The Financial Times reported that European Commission President Ursula Von der Leyen noted she was convinced a trade deal with Britain was possible. Thus, later after that, the pound erased losses.

The United States Dollar and Others

Meanwhile, on Friday, the euro was little changed at 1.1849 per dollar. Next week, the eurozone PMI data will be a crucial focus. Moreover, some analysts say that a strong PMI can take the euro back to the 1.19 level against the United States dollar.

Against the United States dollar, the Swiss franc was last quoted at 0.9086. Meanwhile, the Australian dollar changed hands at $0.7310.

After hitting a high of 6.7332, the offshore yuan was trading at 6.7521 per dollar set for an eighth straight week of gains.

From lows against the dollar in late May, the yuan rose more than six percent. The economy of China recovered from the coronavirus crisis. Nevertheless, its rapid rise has raised some concerns.

Over the economic outlook, there was downbeat data cast a shadow. Thus, the United States dollar held tight ranges on Friday. Nonetheless, it was set for a weekly loss against significant counterparts. Positive comments from the finance minister of New Zealand helped prop up the New Zealand dollar.

That is the current news of the Market.

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