“Coopetition” is an ungainly term at the best of times. But it appears that’s what’s happening among Swiss stablecoin issuers.
Bets that pushed the Swiss franc to a five-year high as the coronavirus crisis revived euro break-up fears have gone spectacularly sour, the latest in a line of franc moves to leave traders with bloody noses.
The U.S. dollar has given back some of its overnight gains in early European trade Friday, but remains in favor as risk aversion still dominates, amid rising Sino-U.S. tensions. At 2:45 AM ET (0645 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 100.365, down 0.1%, having earlier Friday reached a three-week high. U.S. President Donald Trump ratcheted up these tensions in an interview with Fox Business Network on Thursday, stating he was disappointed with China's failure to contain the coronavirus, that this had cast a pall over the trade deal between the two countries.