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us china tradewar

US Dollar Finds Momentum

The US Index closed above 93 for the second consecutive day on Monday. This comes after President Trump is looking to bypass congress in the hopes of extending the unemployment benefit relief package.

Initial suggestions are to revise the coronavirus aid from the previous $600 to $400 per week.

Further US-Sino tensions took their toll on the USDJPY pair. Sentiment shifted towards the US dollar as investors await a meeting between US and Chinese trade officials.

The review of the phase one trade deal will be a priority subject.

Oil prices remained steady as news of the aid package supported WTI above $42.

In addition, risk sentiment shifted from the start of the week as gold fell 0.33% on Monday. Profit-taking and the increased flare-up between America and China left the yellow metal with no support.

Eurozone Reacts to Improved US Data

EURUSD traded 0.32% lower yesterday as the euro takes a continued back seat to reactions regarding Friday’s Non-Farm Payrolls.

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