Commodity News
HeadLine : Dollar finds footing as Sino-U.S. tensions escalate
Date : Jul 23 2020
The United States gave China until Friday to close its consulate in Houston amid accusations of spying, and President Donald Trump said it was "always possible" other Chinese missions could be ordered to close as well. China has vowed to respond and the escalation in tension between the world's two largest economies sent the yuan on its sharpest slide in nearly two months on Wednesday and has helped the greenback find support in Asian trade on Thursday. The lift to the dollar was pretty modest. It edged off a four-month low against a basket of currencies (=USD) to 94.980. U.S.-China ties have worsened sharply this year over issues ranging from the coronavirus and telecoms-gear maker Huawei, to China's territorial claims in the South China Sea and clampdown on Hong Kong. Chinese state media said on Thursday that the move was a political ploy ahead of November presidential elections, and one source with knowledge of the matter told Reuters that China was considering closing the U.S. consulate in Wuhan in response.

Source : Investing
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