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Weekly roundup: Trade tensions not enough to strengthen US dollar

currency-newsWeekly roundup: Trade tensions not enough to strengthen US dollar
The continuing escalation in US-China trade tensions failed to keep the US dollar from weakening last week as the latest round of US data disappointed.

As the second estimate of the first quarter US gross domestic product saw a downward revision from -4.8% to -5.0% on the quarter, the appeal of the US dollar diminished.

USD exchange rates struggled to find any fresh upside momentum as the US economy continues on track for a sharp recession in the first half of 2020.

Another solid weekly increase in initial jobless claims added to the bearish picture, with more than 40 million Americans now unemployed.

Support for the US dollar could weaken further if April’s trade deficit widens further than forecast, given that the impact of the Covid-19 crisis has yet to materialise in the data.

Forecasts of another jump in May’s unemployment rate suggest that USD exchange rates are likely to come under additional pressure ahead of the weekend.

Unless the labour market can demonstrate signs of resilience in the face of the global pandemic the US dollar may have trouble finding much traction in the near term.
Currencies Direct

Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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