Breaking: Dollar surges amid reports US to sanction Hong Kong leader Carrie Lam

Yohay Elam FXStreet

The US administration is reportedly considering expanding its action against China, potentially sanctioning Hong Kong leader Carrie Lam. Bloomberg is reporting.

Such a move would come after President Donald Trump signed an Executive Order to restrict transactions with TikTok and WeChat – two Chinese tech titans. Negotiators from the world's largest economies meet next week to take stock of the trade deal, and tensions are rising.

The safe-haven US dollar is rising, with EUR/USD falling below 1.18 and GBP/USD slipping below 1.3050.

Here is how the move looks on the 15-minute euro/dollar chart:

The greenback is paring previous losses related to the Non-Farm Payrolls. The US gained 1.763 million jobs in July, better than expected– potentially limiting politicians' willingness to agree on a fiscal deal and still pointing to a slowdown in hiring.

See NFP Quick Analysis: Slow hiring downbeat for the dollar, good for gold, no silver lining

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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