US dollar losses amidst uncertain data
US dollar tumbled down during early trading in Europe on May 29. However, ranges remained tight - traders are analyzing the conflicting news.
By 06:55 GMT the US Dollar Index lost 0.1% and stood at 98.293. GBP/USD gained 0.2% and reached 1.2344. USD/JPY dropped lost 0.4% and stood at 107.18.
While the economies around the world cautiously continue to reopen and the analysts provide some positive data, there is still enough of negative news to go around. Chinese parliament approved new regional security laws. The decision will likely limit the autonomy of the city, as well as its independent financial hub status.
President Trump has already promised a “very strong” reaction and plans to hold a conference on the issue today. The anxiety over the rising tensions pressed the markets down.
According to the latest report, the retail sales in Germany had their steepest drop since 2007. And yet the reduction was not as bad as expected, proving Europe’s resilience.
US workforce continues to suffer from the pandemic. According to the latest initial jobless claims data, over two million Americans turned to welfare last week. While it is still a large number, it is much less than March figures.