The US dollar is weak in morning trading as risk sentiment improved in overnight trading. A weaker than expected ADP payrolls figure highlighted uncertainty in the economy but provided some relief to investors concerned the Fed may go too far with rate increases. UK markets are closed today. Oil markets watch for news from today’s OPEC+ meeting. Switzerland saw its first inflation spike to 2.7% in May giving a boost to the franc.
“How many have thrown up their hands at a time when a little more effort, a little more patience, would have achieved success?”
June 2, 2022
EUR/USD 1.0706 GBP/USD 1.2547 USD/CAD 1.2642 AUD/USD 0.7222 USD/JPY 129.7 USD/CNH 6.6714 USD/ILS 3.3380 USD/MXN 19.6073 USD/CHF 0.9593 USD/INR 77.6125 USD/BRL 4.7913 USD/SGD 1.3738 USD/DKK 6.9475 USD/SEK 9.7780 USD/NOK 9.4395
The US dollar is weaker following yesterday’s late day rally. A positive risk sentiment helped most currencies strengthen relative to USD. ADP Employment Change for private payrolls (for May) came in weaker (+123K) than expected (+300K).GBP
The UK markets are closed in honor of the Queen’s Jubilee holiday.EUR
The euro clawed back yesterday’s losses vs. the US dollar as FX speculators begin to look to next week's European Central Bank meeting. Recent ECB comments tended toward the hawkish side with traders now positioning for an ECB tightening posture.CAD
The Canadian dollar is flat in morning trading despite a drop in the price of oil. The Canadian central bank raised their benchmark interest rate 0.50% to 1.50% as expected. The next meeting is in July when another 0.50% hike is expected.
OPEC+ meets today with news expected regarding output from Russia. Sanctions have prevented Russia from producing and exporting their quota under production limits designed by OPEC+.ASIA/PACIFIC
The Chinese renminbi strengthened after two days of losses on overall US dollar weakness. Also, PBOC Deputy Governor, Pan Gongsheng, was quoted as saying the Chinese central bank will continue to support the economy through prudent monetary policy.
The Japanese yen steadied after trading over 130 after weaker than expected private payrolls numbers in the US.
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