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US dollar trades at 2-year low due to geopolitical and economic risks


七月, 27 2020
watermark Economic news

On Monday evening, the US dollar accelerated its decline in pairs with major foreign exchange competitors amid growing concerns about the deterioration of relations between the US and China, as well as uncertainty over the impact of the pandemic on the country's economy. The dollar against the euro reached 1.1780, the lowest since September 2018.


Uncertainty remains in US-China relations due to the diplomatic conflict. We remind, that on July 21 the USA demanded from China to close the Consulate General in Houston. The Chinese Foreign Ministry called this decision a political provocation and promised to take retaliatory actions. As a result, on July 24, the Chinese Foreign Ministry demanded that the US Consulate General in Chengdu, Sichuan Province cease its activities.


Additional pressure on the American currency is exerted by the situation with the coronavirus in the United States. The number of cases in the country continues to grow steadily.


At the same time, the European currency is receiving support amid strong macroeconomic data: the business climate index in Germany in July rose to 90.5 points from the revised level of 86.3 points in June. In addition, investors continue to win back the results of the EU summit, following which a package was agreed upon to restore the European economy from the crisis caused by the coronavirus pandemic, totaling 750 billion euros.


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外汇本质上有高度的投机性和复杂性,可能并不适合所有投资者。 外汇交易可能会带来重大的收益或损失。 因此,建议您不要承担无法承受的损失。 在使用ForexMart提供的服务之前,请确认外汇交易相关联的风险。 必要时寻求独立的财务意见。请注意,过去的业绩和预测都不是未来结果的可靠指标。