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U.S. yields strengthen the dollar

12 May 2020

On Monday, the U.S dollar traded higher against most major currencies after the US Department of Treasury announced that the U.S. 10-year benchmark rate rose to 0.718%. The increase was seen as a positive sign by investors among efforts by governments to reopen their economies.

However, the U.S dollar is still under pressure as the investment between the U.S. and China started weak in 2020 and investors are expecting that it could get worse as China is looking for a reevaluation of its Phase 1 trade deal with the U.S. Besides, U.S dollar still under pressure as investors remained cautious amid concern over inflation, jobless and retail spending data this week.

The U.S. Dollar Index, which measures the power of the Greenback against a basket of six major currencies, ended Thursday’s trading session at 100.21.

In Europe, the common currency dropped against the U.S. dollar on Monday. Traders were concerned after Germany stated that new coronavirus infections were accelerating exponentially after announcing steps to ease the lockdown. EURUSD ended the session at 1.08066.

Likewise, the Sterling fell on Monday against the U.S. Dollar as investors are questioning the trade talks between the U.K. and Europe, and after the government warns of ‘large epidemic waves’ of coronavirus as it uncovers new lockdown rules, but those rules were unclear. GBPUSD ended the session at 1.23335.

In Safe-havens space, the Swiss Franc underpowered the U.S. Dollar and finished the session at 0.97299 USDCHF. Similarly, In Japan, even though they announced that they might end its state of emergency, the Yen dropped against the U.S. Dollar to end at 107.654 USDJPY.

Gold prices closed lower on Monday at 1697.41 as traders reduced their bullish positions after sentiment optimistic about economics reopening after COVID-19 lockdowns, but still concerned about the second wave of infection.

In Canada, the Loonie which is commodity-sensitive currency, and as Canada tends to be a major exporter of commodities this includes oil and with low oil prices. The Canadian dollar closed Monday’s session lower against the U.S Dollar at 1.40166.

In Australia, the Aussie dollar trader lower against the U.S dollar as the tensions between Australia and China future trade is rising especially after China imposed an import ban on four Australian abattoirs and the AUDUSD closed at 0.64870.

Cryptocurrencies dropped on Monday after technical adjustment that reduced the rate at which new coins are created and closed the session lower at 8621.90 BTCUSD. Furthermore, Litecoin and Ethereum ended the session lower at 38.93 LTCUSD and 184.31 ETHUSD, respectively.



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