Dollar continues recovery amid renewed US-China tensions

2020-05-22 12:25:48 GMT (Economies.com)

The US dollar rose on Friday, to continue its recovery for the second straight day from a two-week low, on investors' risk-aversion and demand for the US currency as the best alternative investments, amid the escalation of the US-China tensions over Hong Kong.

 

The dollar index rose 0.45% to 99.87 points, after opening at 99.82, and hit an intraday low of 99.39.

 

The greenback gained 0.3% yesterday, its second daily, first gain in four days, within recovery attempts from the 2-week low of 99.00 points.

 

A Chinese official said that the Chinese government plans for a new national security law in Hong Kong, which led US President Donald Trump to say that the US would respond "very strongly".

 

These developments in the US-China relations drove investors to focus on safe haven assets, led by the US dollar, which has been recently receiving safe-haven demand after the closure of the global economy due to the coronavirus pandemic.

 
 
 
  Symbol Last Change Chg.%
1.1233
0.0114
1.0221%
1.2575
0.0161
1.2969%
Tadawul
7222.41
-62.82
0.86%
17.643
-0.436
2.414%
36.693
2.206
6.397%
39.79
0.22
0.56%
1699.095
-33.590
1.939%
 
 
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