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George Ma
in
Forex
May 22 10:21

US dollar rate jumped sharply after Trump's letter to Congress on China

Donald Trump is trying to save his election campaign and is intensifying the pressure on China.
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US dollar rose on Thursday against its rivals in the top 10 group of currencies, while U.S. stocks began to decline after Bloomberg reports that U.S. President Donald Trump sent a letter to Congress to review the strategic approach to China. Bloomberg Dollar Spot Index added + 0.2%.
Earlier on Thursday, USD was traded in a narrow range against major competitors as investors assessed the impact of the global economic downturn and the four-day rally of the euro against the U.S. currency amid optimism about closer cooperation on the issue of fiscal stimulus in Europe.
US dollar, which attracts investors in times of economic uncertainty, has corrected down since reaching more than a three-year high in March as central bank interventions in the money market eased USD deficit and investors rushed to risky assets.
Dollar net bearish speculators' rates have fallen to the lowest position in seven weeks over the last week.
In recent sessions, EUR was supported by a recent proposal by France and Germany for a €500 billion (US$543 billion) recovery fund.