The dollar index rose again
Although the weak performance of the US economy in recent months has reduced traders' willingness to buy dollars , strong support from the US Federal Reserve and the US Treasury for financial markets has kept traders optimistic about the green bank outlook. Stay .
According to the Gold Café website , the main reason for the concern of foreign exchange market participants is the news about the escalation of the US trade war with China and the Hong Kong issue. After a verbal dispute between Washington and China over the Chinese side's guilt in the global corona outbreak, some US lawmakers are now seeking to sanction China on the pretext of China interfering in Hong Kong's internal affairs. Meanwhile, Chinese Foreign Minister Wang Yi has warned the United States of launching another Cold War.
In recent days, China's central bank has stepped up its efforts to launch a digital currency, and analysts say the move is aimed at reducing China's dependence on the dollar financial system. In particular, some US officials have proposed sanctions against China's banking sector.
A Reuters poll of 60 currency experts shows that a third of those who believe the dollar will not be able to make much progress in June, although it is unlikely to weaken too much.
"Markets are caught between different streams of news," said Jane Foley, a currency expert at Robo Bank . On the one hand, we see that central banks have injected a huge flow of liquidity into the markets, and on the other hand, geopolitical tensions have reached unprecedented levels that could have dire consequences for the global economy.
On the other hand, after a long struggle, a big step was taken towards the finalization of the economic stimulus package in the Eurozone and the European Union, and the leaders of France and Germany, as the two main economic poles of the Eurozone, allocated a 500 billion euro stimulus package. They agreed. It is expected that in a situation where the economic growth of many European countries, including Germany, France and Italy, has been negative, this package can to some extent help the European economies to return to a positive growth path faster.
Widespread internal divisions between EU member states had previously led to inaction by the European Central Bank, as its counterparts rushed to revive economic growth. In Japan, the central bank has set aside $ 1 trillion, and in the US, the Federal Reserve has set aside about $ 2.5 trillion in various credits and liquidity to support various sectors of the economy.
In Asia, the disappointing performance of the Japanese economy continues; The country's exports by the end of April fell by 22 percent compared to the previous month, a figure that is unprecedented over the past decade. On the import side, the Japanese imported 7.9 percent less than the previous month. Unemployment in Japan rose 2.5 percent from the previous month to 2.5 percent by the end of March.
The Corona virus, on the other hand, continues to fall victim, although business reopening has begun as its spread slows in many areas.
So far, more than 6,574,317 cases of coronary heart disease have been reported, of which 388,047 have died. Among the various countries, the highest casualties were in the United States with 109,142 people, Britain with 39,728 people, Italy with 33,601 people, Brazil with 32,568 people and France with 29,021 people.
The dollar index, which measures the exchange rate against a basket of global currencies, closed 0.2 percent higher at 97,484 points in today's trading. The exchange rate was announced at $ 1.040 per Swiss franc.
In the first quarter of this year, the Swiss economy shrank 2.6 percent, the worst seasonal performance of the economy in four decades. As a result of this weak growth, the Swiss central bank is unlikely to reconsider its policy of injecting liquidity into financial markets or changing current interest rates.
In the UK, the Bank of England said that the process of repaying loans received by companies has been growing again after three months, and this has increased the confidence of traders in the success of the British government's support plans for businesses. . The government has raised spending to the highest level in seven decades, borrowing from the central bank for the first time since the 2009 financial crisis.
"There are only a few months left until the US presidential election and it is unlikely that the US will want a real reduction in tensions with China," said Roberto Cobo, the BBC's director of currency at the BBC. This will see the continuation of high-risk space in global markets for at least the next six months.
In the most recent trading session, the pound traded down 0.37 percent at $ 1.253 a barrel. The euro rose 0.37 percent but remained at $ 1.122 after staying in the 1.12 channel. "The gradual reopening of businesses could be good news for the financial markets," said Ronald Simpson, a foreign exchange market analyst at Action Economics. We have made progress in vaccines and financial support for businesses, but more needs to be done.
The Bank of Japan has announced a loan package worth 1.7 trillion yen ($ 15.8 billion) to support Japanese companies affected by the corona outbreak. Some news sources now indicate that the government is preparing to announce another massive $ 1 trillion support package. The country had previously spent a total of about $ 1 trillion on Corona.
In global foreign exchange trading , the dollar also rose 0.42 percent to 109,069. Against the Australian counterpart, each US dollar was traded for $ 1.447. The exchange rate of the dollar was also announced equal to 7.122 Chinese yuan.
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