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