The dollar was down on Friday morning in Asia, ending the week by giving up some of its earlier gains.

Investors will continue to monitor the rising number of COVID-19 cases in Beijing and the U.S., with the number of cases stemming from an outbreak at Xinfadi market almost at 200. Simmering U.S.-China tensions will be another focal point in the aftermath of U.S. President Donald Trump warning on Thursday that cutting ties with China remains a possibility.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies slipped 0.03% to 97.373 by 12:41 AM ET (5:41 AM GMT), with the greenback trading in a tight range of between 96 and 97.

The USD/JPY pair was down 0.11% to 106.84.

The AUD/USD pair gained 0.12% to 0.6860, with the AUD buoyed after the Bureau of Statistics said earlier in the day that May’s retails turnover has surged 16.3% month-on-month.

Meanwhile, the NZD/USD pair lost 0.09% to 0.6421.

Some investors expressed caution over the AUD’s gains however.

“We’re seeing a few wobbles in commodity currencies as focus is returning to the increasing infections…[with] the key element is going to be whether or not we see governments re-impose lockdown measures,” Kim Mundy, FX analyst at the Commonwealth Bank of Australia (OTC:CMWAY), told Reuters,

“We still think the general trend of the global economy improving should weigh on the U.S. dollar and support commodity currencies, we’re just seeing a bit of a pause,” she added.

The USD/CNY pair was down 0.01% to 7.0864

The GBP/USD pair gained 0.03% to 1.2428, with the GBP boosted by the Bank of England’s quantitative easing program announced on Thursday. But investors were concerned that the program could be insufficient to support confidence into 2021.

Categories: Uncategorized


Leave a Reply

Your email address will not be published. Required fields are marked *

Visit Us On FacebookVisit Us On TwitterVisit Us On YoutubeVisit Us On Instagram