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Dollar strengthened on increased demand


25 May 2020

The U.S. Dollar strengthened on Friday boosted by safe-haven demand as a move by China to impose a new security law on Hong Kong further strained the deteriorating U.S.-China ties. In other news, U.S. President Donald Trump and his advisors said that another round of coronavirus economic stimulus could be coming as economic damage from the pandemic mounts.

The U.S. Dollar Index, which measures the strength of the Greenback against a basket of six major currencies, rose and finished the session at 99.82.

Over in Europe, the Euro tumbled against the U.S. Dollar and finished the session at 1.09017 EURUSD.

Meanwhile, the Sterling fell against the U.S. Dollar on Friday, as data showed British retail sales dropped by a record 18 percent as the coronavirus crisis hit the economy. GBPUSD finished the session at 1.21648.

Regarding Safe havens, the Swiss Franc fell against the U.S. Dollar and finished the session at 0.97109 USDCHF. Meanwhile, the Japanese Yen was little changed against the U.S. Dollar and ended the session at 107.610 USDJPY.

Gold prices rose on Friday as escalating U.S.-China tensions fueled fears of a slow recovery in a global economy already reeling from the coronavirus pandemic. The precious metal finished the session at 1733.65.

Over in Canada, the Canadian dollar weakened against its U.S. counterpart on Friday, as oil prices fell and data showed a record decline in retail sales, with the loonie giving back some of last week’s gains. USDCAD finished the session at 1.40036.

Meanwhile, the Aussie dollar fell against the U.S. Dollar on Friday and finished the session at 0.65338.

Cryptocurrencies finished Friday’s session higher. As Bitcoin, Ethereum, and  Litecoin rose and finished the session at 9175.30 BTCUSD, 206.09 ETHUSD, and 42.10 LTCUSD

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