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Dollar rises on renewed U.S.-Sino tensions


7 August 2020

The U.S. dollar rebounded whilst other major currencies weakened on Friday after President Donald Trump took steps to ban transactions with the Chinese owners of two popular mobile apps.

Non-farm payrolls due later on Friday are widely expected to show U.S. jobs creation slowed in July from the previous month, indicating a resurgence in coronavirus infections is undermining the economic recovery there.

The euro retreated from its highs and last traded down 0.3% at $1.1845, while the British pound also fell 0.2% to $1.3115. Other major currencies also weakened against the dollar, with the Japanese yen the only outlier, last trading flat at 105.58.

The U.S. dollar is rebounding from a persistent sell-off in recent weeks due to a combination of rising U.S. coronavirus infections, a steady decline in Treasury yields, and a lack of consensus in Washington over additional fiscal stimulus. But the resurgent dollar proved that any shift in investors’ risk sentiment could easily bring back appetite for the U.S. currency.

U.S. Republicans and Democrats have so far failed to reach an agreement on the cost of fiscal stimulus measures that many investors say is necessary to prevent the economy from losing more momentum.

#source

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