The dollar remained weak against most major currencies yesterday, as positivity grew due to the EU’s coronavirus recovery fund. However, it is strong against the pound this morning after reports that tensions between the US and China are increasing.
Yesterday, US ordered China to close its consulate in Houston, Texas, by Friday. Secretary of State Mike Pompeo said the decision was taken because China was “stealing” intellectual property. However, China have labelled the move as ‘political provocation’. President Trump has hinted that more consulates could be closed and there’s talk of potential retaliation from China.
Existing home sales data released yesterday showed that the sales of previously owned houses jumped 20.7% in June, the largest jump on record. This afternoon, jobless claims figures will be released.
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