US-China Tensions Bolster US Dollar Although Euro Falls Behind

A trading came to a close on Friday, the Pound struggled to find any sort of momentum and that was partly down to the news that the government furlough scheme was not going to be extended. As a result, the currency suffered because of concerns around unemployment and those industries that have struggled throughout the pandemic. As a result, the currency rounded off the week at 1.1068 against the Euro and 1.3044 against the US Dollar according to the Foreign Exchange market.

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There was also a slight slump for the Euro on Friday after the currency suffered from negative correlation with the US Dollar while the improvement in German industrial printing could not bolster the single currency.

It was a different story for the US dollar which finished off the week in a good position as investors sought comfort in the currency as a result of increasing tensions between the US and China. This was also bolstered by news that the US were considering sanctioning Carrie Lam the Hong Kong leader. Despite this, the US was held back slightly by the fact that US non-farm payroll figures indicated that there could be a slow down in the growth of employment.


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