Dollar higher versus most peers and shakes off ADP drop

The dollar shook-off the largest drop in ADP payrolls and is mostly higher versus its peers. The Japanese yen outperformed in thin liquidity and on caution surrounding US-China trade tensions. The euro and pound are both lower today as the regions continue to experience the economic impact of the virus.

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  • FX Rates
    May 6, 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
    The dollar rose for a fourth straight session. Last night, President Trump again emphasized the importance of reopening up the economy saying “we have to get our country open and we have to get it open soon.” ADP private payroll showed a drop of 20.2 million in April – the worst in the history of the report. Jobless claims tomorrow and non-farm payrolls on Friday are expected to continue to show increases in unemployment.
    The pound slipped 0.4% on a fourth day of declines. Traders are focused on tomorrow’s BoE meeting and await the policy makers’ decision on adding additional stimulus measures. PM Boris Johnson is set to lay out the next steps for the UK’s response to the virus on Sunday.

    The euro dropped for a third day following the EC stating that the EU economy is expected to contract 7.5% for the year. Both Germany factory orders and March eurozone retail sales were reported lower than expected.
    The loonie moved above 1.41 as oil’s rally lost momentum and the US dollar climbed. Canada's jobs report is due out on Friday and a 4 million decline is expected.

    The Japanese yen outperformed the dollar, with the USD/JPY currency pair down 0.4% to a 7-week low. Trading conditions show thin liquidity, as Japanese markets remain on holiday through today.

    US-China trade tensions are keeping the onshore yuan (CNH) weak.

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Kathryn Garvey
Kathryn Garvey

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