EURUSD falls on renewed U.S.-China tensions.
EURUSD continues to decline as investors’ concerns about renewed U.S.-China tensions and a strengthening dollar kept most USD-linked currency pairs under pressure. This comes after U.S. president Donald Trump imposed sanctions on Chinese officials and companies (including the retail giant Xiaomi) and an investment ban on nine more firms on Thursday – darkening the optimism after Joe Biden announced a $1.9 trillion stimulus plan. Expected new coronavirus lockdown measures in France and Germany, as well as a spike in cases in China also damaged the risk appetite – accelerating the safe-haven inflows into US dollar and pressuring EURUSD down.
Expect sellers on upward corrections.
Next support to watch – 1.2057
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