US dollar capitalizes on strong Personal Income and Personal Spending data

US dollar capitalizes on strong Personal Income and Personal Spending data

FX markets have the dollar mostly stronger this morning in choppy trading. US economic data was strong, but sentiment is taking a hit as Amazon missed Q2 earnings estimates sending shares down 6%. The price of oil is flat and hanging on to recent gains. The Bank of England meets next week and is expected to signal potential monetary policy changes for later this year.

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  • FX Rates
    July 30, 2021

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  • USD

    Despite being up on the day, the dollar has given back all its gains from earlier in the month and is off 1% since last week. The month-over-month June reading of the PCE Deflator came in at 0.5% growth which was about where forecasts where and unchanged from last month. Personal Income and Personal Spending were both higher than expected. 

    Univ. of Michigan Consumer Sentiment for July due later this morning.

    The pound held its recent gains as focus shifts to next week’s Bank of England meeting. FX market watchers anticipate the BoE to raise rates before the Federal Reserve does thereby providing some benefit to the pound.


    Economic sentiment in the eurozone hit an all-time high in July, with optimism growing mainly in the industrial and service sectors. EUR/USD has continued its upward trend to trade 1% higher on the week.


    The Canadian dollar hung onto yesterday’s gains and is now trading well below the 1.25 handle. The loonie is stronger despite GDP figures for May coming in at -0.3% which was in-line with expectations. Prior month data was revised downward to -0.5%.


    The Japanese yen is weaker as are equities in Japan with the Nikkei 225 losing 1.8%, as officials announced plans to expand a state of emergency to areas around Tokyo, as well extending to the end of August.

    The Chinese renminbi hung onto gains made over the past two days.  The renminbi started the week much weaker on news the Chinese authorities will force companies in the education sector to effectively become non-profits.

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Peter Compton
Peter Compton

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