Dollar rises as weak Chinese retail sales worry investors

16.07.2020 - Davydova Maria
Dollar rises as weak Chinese retail sales worry investors

The dollar firmed on Thursday as a decline in Chinese retail sales worried investors, while the rest of the market anticipates the EU summit this weekend.

The euro was down 0.1% to $1.1401, while the dollar stood at 106.95 on the yen. The British pound fell 0.3% to $1.2548. 

Over the weekend, European countries are expected to vote on a 750 billion euro recovery fund suggested by the European Commission to shield the bloc from economic damage.

Adding to the dollar’s fall was the worsening U.S.-China diplomatic tensions. The New York Times reported that the Trump administration is considering imposing a travel ban on members of the Chinese Communist Party to the United States. 

The Australian dollar fell 0.2% to 69.92 on the dollar. The Norwegian crown slid 0.6% on both the dollar and the euro to 9.3290 and 10.6345, respectively. 

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