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Forex News: US Dollar Up Near Two-Year High During Thursday Trade

May 30, 2019 | Thursday

Forex

   

On Thursday, the U.S. Dollar inclines against its main rivals upon concerns on the escalating U.S.-China trade disputes. The scenario led the investors to grab a shelter within the safe-haven assets, which includes government bonds.

The current trade dispute among the world's two largest economies shows no sign to subside soon. That led concerns on global growth and its possible negative impact. It already crippled the financial markets during the recent sessions, with riskier assets particularly taking forced selling.

Meanwhile, facing a basket of major currencies, the U.S. dollar was steady at 98.128. A week ago, U.S. dollar hovered close to its two-year peak at 98.371. The U.S. dollar index went up more than 2 percent for the year.

According to Michael McCarthy, Sydney-based chief market strategist at CMC Markets, the global growth outlook with the current trade war issues still is the key concern within the market. McCarthy said in a note: "The data over the next twenty-four hours has potential to either confirm or dispel the gloom."

Chinese Vice Foreign Minister Zhang Hanhui said the recent standoff reports between Beijing and Washington seems it is far from ending. That provokes trade dispute being "naked economic terrorism," enhancing the discourse against the United States.

Local Chinese newspapers have warned that there will be a day that Beijing may use rare earth elements to strike back to the United States. Particularly upon U.S. President Trump's statement that he is "not yet ready" making a trade deal with Beijing.

As of now, investors focus on the U.S. data that could indicate the state of the world's top economy, along with market partakers waiting for a second-time estimation of the first-quarter gross domestic product (GDP) growth figures. That includes the United States weekly jobless applications.

   

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