Forex Signals — EUR/USD to Snap 2-Week Losing Streak
Forex Signals — EUR/USD to Snap 2-Week Losing Streak — FxPremiere.com — The euro is on track to snap a two-week losing streak against the dollar, but this is unlikely the start of a trend as the coronavirus impact will leave a bigger economic dent on eurozone than the U.S., Bank of America (NYSE:) said.
fell 0.50% to $1.0894.
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The People’s Bank of China (OTC:BACHY) set the yuan fixing at 7.1209 per dollar. That compares with the 7.122 average estimate in a Bloomberg survey of traders and analysts. The fixing limits the onshore yuan’s moves to 2% in either direction.
The offshore rate, which edged toward the weakest level on record last week, was little changed at 7.1502 per dollar on Monday.
The onshore yuan last closed at 7.131 per greenback in Shanghai on Friday. The daily fixing is calculated with formulas that take into account factors such as the previous trading day’s official close at 4:30 p.m, the yuan’s move against a basket of currencies and the moves in other major exchange rates.
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TOKYO (Reuters) — The dollar edged higher against most Asian units on Monday as worries about a standoff between the United States and China over civil liberties in Hong Kong fuelled demand for safe-haven currencies.
The yuan and Australian and New Zealand dollars fell as risk-aversion hit foreign exchange markets.
Sterling was on the defensive after members of British Prime Minister Boris Johnson’s party called for the resignation of an influential aide for breaking travel restrictions during the coronavirus lockdown.
A senior White House official has said Beijing’s plan to impose a security law on the former British colony of Hong Kong could lead to U.S. sanctions, which could worsen an already tense relationship between the world’s two-largest economies.
“The biggest concern is the tension between the United States and China,” said Takuya Kanda, general manager of research at Gaitame.com Research Institute in Tokyo — Forex Signals — EUR/USD to Snap 2-Week Losing Streak.
“Things were already bad, and it is likely to get worse because of the Hong Kong security law. This supports risk-off trades, which is positive for the dollar and the yen.”
The dollar traded at $1.0895 against the euro (EUR=D3) on Monday in Asia, close to its strongest in a week. The dollar bought 0.9719 Swiss franc , also close to a one-week high — US Dollar Trades Steady
The greenback held steady at 107.65 yen .
In onshore trade, the yuan eased slightly to 7.1372 per dollar, approaching a seven-month low hit on Friday. — Forex Signal Dollar Down
Trading may be subdued on Monday with financial markets in Singapore, Britain and the United States are closed for public holidays -
The British pound was little changed at $1.2185. Against the euro, sterling traded at 89.44 pence (EURGBP=D3).
Johnson has backed his senior adviser Dominic Cummings on Sunday, despite calls from within his own Conservative Party for the aide to resign -
Australian states are pressing ahead with a three-stage plan to remove most social restrictions imposed by July. Across the Tasman Sea (NYSE:SE), the New Zealand dollar drifted lower to $0.6096.
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Originally published at https://www.fxpremiere.com on May 25, 2020.
