The US dollar held its own today as rising Sino-U.S. tension put crushing pressure on the Chinese yuan and proved a counterweight to optimism about the coronavirus recovery. The Chinese yuan, a barometer of U.S.-China relations, hit a record low of 7.1966 per dollar in offshore trade overnight and held close to that level on today at 7.1805, Reuters reports. The Aussie and kiwi backed off two-month highs hit in the London session and were becalmed, even as the re-opening of the world’s economies kept stock markets rallying. The Aussie was last at US$0.6621 and the kiwi atUS $0.6188.

Source: The Standard May 28, 2020 03:00 UTC