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John Wang
May 18 20:00

US dollar is in an undecisive position as international relations get tense

Forex market awaiting further news.
The US dollar was on the retreat in early Asian trading on May 18. Forex market was impacted by a new round of US-China bout.
This weekend the tensions between the two leading economies were reignited. Peter Navarro - the trade advisor for the White House - stated that Chinese authorities purposefully sent “hundreds of thousands” of people to other countries in order to spread the virus and was hiding the information about COVID-19 for at least two months. 
By 14:45 GMT the US Dollar Index was at 100.362, losing 0.1%. Earlier the index reached its highest level in three weeks.
The market was also influence by the new forecast from Jerome Powell - the Chairman of the Federal Reserve He claimed, that the national economy might contract by as much as 30% in Q2. The “new Great Depression” scenario, however, is unlikely.
The USD/JPY trading pair was at 107.12,  gaining 0.1%. According to the latest report, Japan's’ economy is in a recession for the first time in five years.
The USD/CNY pair was at 7.1058, gaining 0.06%. On May 15 the United States stopped chip deliveries to Huawei, effectively blocking the launch of telecom’s behemoth 5G broadband. Traders are waiting for the retaliation.
The GBP/USD was at 1.211, gaining 0.05%. The chief economist of the Bank of England claimed that the institution is evaluating the possibility of lowering interest rates below zero.