Dollar keeps gains on strong safe-haven demand after negative Chinese news

The US dollar rose against most currencies on Friday, to maintain its gains on safe haven demand amid fears over a renewed tensions between the US and China.

China decided on Friday to not set a specific target for economic growth this year, which renewed concerns about the Covid-19 pandemic impact and a drop in demand.

Tensions between Washington and Beijing have escalated after accusations by several US officials that China is main the cause behind the coronavirus outbreak and the increase in global infections and deaths.

This came after the Trump administration accused China of mishandling the coronavirus outbreak and blaming it for the global pandemic and the death of hundreds of thousands of victims.

The US market will be closed next Monday in observance of the Memorial Day holiday.

The dollar index rose against a basket of currencies by 0.5% to 99.8 points as of 18:05 GMT, after it hit a high of 99.8 and a low of 99.3.