Name: Dollar treads water against euro; yuan sinks on U.S.-China tensions
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Dollar treads water against euro; yuan sinks on U.S.-China tensions

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By NEW YORK (Reuters) - The dollar steadied against the euro on Wednesday even as the common currency remained supported by news of a proposal for an economic recovery package to help the euro zone region recover from the coronavirus pandemic.Slideshow The European Union’s executive unveiled a 750 billion euro ($825.23 billion) plan on Wednesday to prop up economies hammered by the coronavirus crisis, hoping to end months of squabbling over how to fund a recovery that has exposed faultlines across the 27-nation bloc.“We are certain Euro merits its strength based on just the high level of cooperation you are witnessing,” said Juan Perez, senior currency trader at Tempus Inc.“Euro will not falter much, unless this truly ends up not being doled out at all, which we doubt,” he said.The euro has struggled since falling in March, when investors rushed for the safety of dollars amid increased volatility in global financial markets.Perceived safe-haven currencies, the Japanese yen and the Swiss franc, came under pressure on Wednesday as investors looked past increased U.S.-China tensions to bet on riskier assets in the hopes of a quick rebound from the economic hit from the coronavirus pandemic.Worries about the U.S. response to China’s proposed security law for Hong Kong, however, kept safe-haven currencies from seeing sharper declines.U.S. Secretary of State Mike Pompeo said he had certified on Wednesday that Hong Kong no longer warrants special treatment under U.S. law as it did when it was under British rule, a potentially big blow to its status as a major financial hub.Reporting by Saqib Iqbal Ahmed; editing by Nick ZieminskiOur Standards:

By NEW YORK (Reuters) - The dollar steadied against the euro on Wednesday even as the common currency remained supported by news of a proposal for an economic recovery package to help the euro zone region recover from the coronavirus pandemic.Slideshow The European Union’s executive unveiled a 750 billion euro ($825.23 billion) plan on Wednesday to prop up economies hammered by the coronavirus crisis, hoping to end months of squabbling over how to fund a recovery that has exposed faultlines across the 27-nation bloc.“We are certain Euro merits its strength based on just the high level of...

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Saqib Iqbal Ahmed

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Dollar treads water against euro; yuan sinks on U.S.-China tensions

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