Euro extends losses on US-China tensions on Hong Kong

Economies.com
2020-05-25 09:25AM UTC

Euro fell in European trade against dollar for the third straight session, marking week lows on risk aversion, amid mounting tensions between US and China on Hong Kong. 

 

EUR/USD fell 0.2% to 1.0870, the lowest since May 18, after closing down 0.5% on Friday on profit-taking away from three-week high at 1.1008. 

 

Euro rose 0.8% last week, the first weekly profit in three weeks on improving data for major sectors in May.

 

Gains were bolstered by a German and French proposal to found a 500 billion euro recovery fund for the most affected countries and sectors. 

 

The dollar index rose 0.2% on Monday, the third profit in a row on haven demand. 

 

Reuters said a White House source warned China of sanctions because of plans to impose strict security laws on Hong Kong. 

 

Such sanctions would fray an already deteriorating relationship between the world's two largest economy due to the Covid 19 pandemic. 

Forex and Currency News

Forex News

Forex

Dollar hits six-week high ahead of US growth data
2024-03-28 11:38AM UTC
US Dollar's Rise in European Trade The US dollar rose in European trade on Thursday against a ...
EUR/USD news

Forex

Euro sharpens decline to five-week trough on the interest rate gap
2024-03-28 08:30AM UTC
Euro declined in European trade on Thursday against a basket of major rivals, sharpening losses for ...
Forex News

Forex

Dollar under pressure ahead of Christopher Waller's speech
2024-03-27 11:18AM UTC
The dollar declined in European trade on Wednesday against a basket of major rivals away from ...

Forex Technical Analysis

EUR USD Analysis

Forex

End of day EURUSD price forecast update - 28-03-2024
2024-03-28 17:42PM UTC
The EURUSD price provided additional negative trades to reach the thresholds of the first waited ...
NZD USD Analysis

Forex

The NZDUSD price forecast update 28-03-2024
2024-03-28 10:19AM UTC
NZDUSD Price Analysis The NZDUSD price resumes its negative trading to move away from 0.6000$ ...
AUD USD Analysis

Forex

The AUDUSD price forecast update 28-03-2024
2024-03-28 10:19AM UTC
AUDUSD Price Analysis The AUDUSD price achieved initial break to 0.6500$ level and closed the ...