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- European session review: USD and JPY appreciate as another flare-up in tensions between U.S. and China boosts demand for safe-haven currencies
European session review: USD and JPY appreciate as another flare-up in tensions between U.S. and China boosts demand for safe-haven currencies
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 11:30 | Eurozone | ECB Monetary Policy Meeting Accounts | ||||
| 12:30 | Canada | Retail Sales YoY | March | 3% | -8.4% | |
| 12:30 | Canada | Retail Sales, m/m | March | 0.3% | -10% | -10% |
| 12:30 | Canada | Retail Sales ex Autos, m/m | March | -15.6% | -5% | -0.4% |
USD and JPY rose against other major currencies in the European session on Friday as fears of an escalation of tensions between Washington and Beijing heightened after China announced plans to strengthen control over Hong Kong with new security laws. The National People's Congress is expected to vote on the Hong Kong National Security Law on Thursday. The U.S. President Donald Trump stated the details of China's plan are not yet known but "if it happens we’ll address that issue very strongly.”
China’s move to tighten its grip on Hong Kong became another area of concern for the relationship between the world's two largest economies following the Trump administration’s criticism of Beijing's handling of the Covid-19 outbreak earlier this year.
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