Dollar continues to slide on risk sentiment, euro and pound rise

Markets, seemingly ignoring current events, are buoyed on optimism about the restart of global economic activities. Futures rose again overnight as Dr. Fauci expressed optimism about a vaccine. The dollar continued to slide versus G-10 currencies with the exception of the Japanese yen.
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  • FX Rates
    June 3, 2020

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.

  • USD
    Dollar is a little lower – sitting below the 200-day moving average as equities continue to rise. May ADP, PMI and April factory orders are set to release today.

    The pound rose half a percent on the news of optimistic sentiment regarding a compromise on a trade deal between the UK and the EU.

    The euro rose versus the dollar after PMI for the euro area confirmed some parts of the region are starting to economically recover. Gains were capped amid profit-taking. Prospects of a stimulus package for Germany and increased stimulus from the ECB remain in focus for investors.

    The Canadian dollar slipped versus the greenback following two days of gains as oil prices fell ahead of a pending OPEC+ meeting where some nations are suspected of cheating on their output-cuts agreements.  

    The Japanese yen underperformance sent the pair to test 108.8 levels. The Australian dollar continues to recover touching a 5-month high yesterday fueled by global risk appetite.
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Kathryn Garvey
Kathryn Garvey

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