The U.S. dollar strengthened on Thursday as investors focused on poor Chinese retail sales instead of its stronger than expected economic growth last quarter, with the focus now shifting more to a European Union summit this weekend.
The biggest mover was the British pound as it remained strongly correlated to risky assets, falling last by 0.3% to $1.2548Surging U.S. virus cases dampened sentiment and weighed on equity markets, which in turn injected some strength in the U.S. dollar, a proxy for global risk sentiment.
“But equally, they don’t want to be massively short either because they know the central banks are active, and I think that’s probably one of the reasons why we’re doing this back and forth,” he added.U.S. President Donald Trump has not ruled out additional sanctions on top Chinese officials over Beijing’s crackdown on Hong Kong, a White House spokesman said on Tuesday.
China’s 3.2% economic growth last quarter easily beat market expectations for 2.5%. But an unexpected drop in retail sales - for a fifth straight month - was an unwelcome harbinger of possible problems ahead for the rest of the world as more countries relax lockdowns and allow businesses to reopen.
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