Global Forex Market

TheStar Sat, May 16, 2020 09:10am - 2 years View Original


THE US dollar strengthened 0.73% to 100.466, benefiting from safe haven flows as investors turned wary over a potential second wave of the Covid-19 infection as many countries eased their lockdowns. The dollar also received additional impetus following:

(1) Trump ruling out renegotiating the trade agreement signed with China; and

(2) a downbeat economic assessment from the Federal Reserve (Fed) chairman Jerome Powell, citing the US economy outlook was “both highly uncertain and subject to significant downside risk”.

Adding to that was disappointing economic release which includes:

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