Friday, 29 May 2020 08:19 WIB |
The dollar was hemmed into a narrow trading range on Friday as traders™ focus shifted to U.S. President Donald Trump™s response to China™s passage of a national security law for Hong Kong.
The yuan pulled away from a record low in offshore trade, but investors remain nervous ahead of Trump™s announcement later on Friday of policy moves that could ignite a diplomatic row between Washington and Beijing.
The greenback was on course for a weekly loss against major currencies as progress in lifting coronavirus lockdowns and stimulus plans in Europe weakened demand for safe havens, but the mood could quickly worsen if Sino-U.S. tensions increase.
The dollar stood at $1.1073 per euro in Asia on Friday, close to its lowest since March 30.
The common currency was headed for its second weekly gain against the greenback as the EU™s announcement of a 750-billion-euro coronavirus recovery fund fuelled optimism about the euro-zone economy.
The dollar last bought 0.9644 Swiss francs, on course for a 0.7% weekly decline.
The greenback was little changed at 107.67 yen.
The Australian dollar bought $0.6630, close to its highest in more than two months, while the New Zealand dollar traded at $0.6204, near its strongest since March 11.
Source : Reuters