Dollar demand strong ahead of data

The dollar is broadly stronger in cautious trading ahead of key data out this morning. Equities slid, treasury yields trimmed gains and the dollar rose against all G-10 peers. Japanese and Chinese markets remain closed for holidays.
“I am not afraid of storms for I am learning how to sail my ship.”
Amy March, from Little Women
  • FX Rates
    May 4, 2021

    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
    The dollar gained broadly overnight ahead of US trade balance, factory goods and durable goods orders amid a cautious mood in markets. Fed Chair Powell reiterated yesterday that monetary policy will remain unchanged for a considerable amount of time.
    GBP
    Sterling gave up ground versus the dollar overnight following yesterday’s manufacturing PMI reading of 60.9 which was near expectations. Markets look ahead to Thursday’s BoE meeting to see if forecasts are revised.
    EUR
    The euro dropped in early trading erasing Monday’s gains driven by profit taking.
    CAD

    Despite the price surge of WTI overnight, the Canadian dollar gave back yesterday’s gains versus the greenback. The loonie declined the most in two weeks as demand for riskier assets waned ahead of data out this morning.

    ASIA/PACIFIC

    USD/JPY rallied supported by climbing US treasury yields.

    AUD/USD sank following RBA meeting despite the central bank leaving monetary policy and interest rates unchanged along with upgrading growth outlook as US dollar demand overshadowed.

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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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