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U.S dollar drops against major currencies, tension rises between America and China

Olumide Adesina by Olumide Adesina
May 18, 2020
in Markets
American Dollar remains king as stimulus fails to stop global financial market panic,Demand for “Inflow dollars” drive exchange rate to as high as $N420/$1 compared to “Cash dollars”, U.S dollar drops against major currencies, tension rises between America and China, U.S dollar gains against major currencies, America threatens China with sanctions., U.S dollar down against major currencies, more countries start lifting of COVID-19 induced lockdowns, The U.S. Dollar Index that tracks the American dollar dropped 0.14% to 96.5 as global Investors and traders appetite for risk increased in momentum, Digitization of U.S Dollar Faces U.S Senate Hearing, U.S dollar Remains Neutral as Strong Economic Macros Weaken its demand, U.S dollar Remains Neutral as Strong Economic Macros Weaken its demandU.S dollar Remains Neutral as Strong Economic Macros Weaken its demandU.S dollar Remains Neutral as Strong Economic Macros Weaken its demand
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The American dollar was down on Monday afternoon in London’s trading session giving up little of its gains from Friday’s trading session.

The U.S. Dollar Index that tracks the American dollar against a basket of other major currencies (like the Japanese yen, British pound sterling, Swedish Krona, Euro) dropped 0.10% to trade at 100.203 at the time this report was written. 

What it means: Nigerians hoping to meet a foreign exchange payment obligation, transactions via the dollar to countries like Europe, Japan, would have the need to pay more dollars to fulfil such transactions.

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America and Chinese tensions got worse over the weekend after White House trade advisor Peter Navarro suggested in a “This Week” interview that Beijing sent “hundreds of thousands of Chinese on aircraft to Milan, New York and around the world” to spread the virus after hiding it from the world for two months.



In addition, the American dollar got more sad news as America’s Federal Reserve Chair Jerome Powell disclosed in a separate interview that America’s economy could shrink up to 30% in the Q2 2020 but will avoid a second Great Depression in the long term.

(READ MORE: Naira drops to N446 to $1 at black market as calls for currency adjustments increases.)

“At the fore of market participants’ minds is that we are seeing those (China) tensions just ratcheting higher, so there has been supporting for the U.S. dollar on the back of that,” Commonwealth Bank of Australia FX analyst Kim Mundy told CNBC.

“Also comments last week from Fed officials around the risks to the U.S. economy being skewed to the downside risks around the second wave of infection, I think that will also continue to underpin the U.S. dollar this week.”

 

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Tags: American DollarBritish Pounds SterlingBusiness NewsDollarEuroOn the MoneyU.S. dollarYenYuan

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