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24 Jul 2020

US Justice Department official: China accounts for disproportionate share of trade secret cases

"It is understood that consulates will conduct some intelligence activity but this can be exploited," a senior official for the US Justice Department said on Friday, per Reuters. "China's Houston consulate activity went well over the line of what we can accept."

Additional takeaways

"Activity at Houston consulate, while illegal, not necessarily amenable to criminal charges, given diplomatic immunity."

"Malign activities by Chinese consulates not specific to Houston but it was one of the worst offenders."

"Houston consulate action linked to coronavirus research."

"US' Chengdu consulate's activity is about messaging to Chinese people."

"Activity at China's Houston consulate not unlike what we have seen all over the country."

"China accounts for a disproportionate share of trade secret cases."

Market reaction

These comments don't seem to be having a significant impact on the USD's performance against its rivals. As of writing, the US Dollar Index was at its lowest level since September of 2018 at 94.42, losing 0.38% on a daily basis.

Jul 24, 2020

AUD/USD rebounds above 0.7100 as DXY slumps below 94.50

The AUD/USD pair dropped to a daily low of 0.7064 on Friday but gained traction during the American session as the USD came under renewed selling pres
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Jul 24, 2020

S&P 500 Index down 0.35% on Friday after Florida reports 12,444 new COVID cases

Florida's Department of Health announced on Thursday that the number of confirmed coronavirus cases in the state increased by 12,444 to a total of 402
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