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- European session review: USD mixed following some negative-sounding updates regarding U.S.-China relations and COVID-19 response legislation negotiations
European session review: USD mixed following some negative-sounding updates regarding U.S.-China relations and COVID-19 response legislation negotiations
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | United Kingdom | Retail Sales (MoM) | June | 12.3% | 8% | 13.9% |
| 06:00 | United Kingdom | Retail Sales (YoY) | June | -12.9% | -6.4% | -1.6% |
| 07:15 | France | Services PMI | July | 50.7 | 52.3 | 57.8 |
| 07:15 | France | Manufacturing PMI | July | 52.3 | 53.2 | 52 |
| 07:30 | Germany | Services PMI | July | 47.3 | 50.5 | 56.7 |
| 07:30 | Germany | Manufacturing PMI | July | 45.2 | 48 | 50 |
| 08:00 | Eurozone | Manufacturing PMI | July | 47.4 | 50 | 51.1 |
| 08:00 | Eurozone | Services PMI | July | 48.3 | 51 | 55.1 |
| 08:30 | United Kingdom | Purchasing Manager Index Manufacturing | July | 50.1 | 52 | 53.6 |
| 08:30 | United Kingdom | Purchasing Manager Index Services | July | 47.1 | 51.5 | 56.6 |
USD traded mixed against other major currencies in the European session on Friday as investors assessed the latest developments in the U.S.-China relations and next coronavirus relief bill negotiations. USD rose against AUD, NZD and CAD, but fell against EUR, JPY, GBP and CHF.
China ordered the U.S. to close its consulate in the city of Chengdu. That came days after Washington ordered the closure of the Chinese consulate in Houston following allegations of spying. The U.S. Secretary of State Mike Pompeo said U.S. policy towards China needed to be mistrusted and verified. The new wave of escalation again raised the question about the fate of the so-called Phase 1 trade deal between the world's two biggest economies.
The New York Times reported that Senate Republicans and the Trump administration are still at odds on how to extend unemployment benefits, thus delaying the bill's publication until Monday.
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