Dollar higher in subdued markets, stocks mixed

Dollar higher in subdued markets, stocks mixed

The US dollar is broadly higher in relatively quiet financial markets overnight as traders await fresh catalysts to move markets. Asian stocks were lower, European stocks higher and the US opened slightly higher. US Treasury 10Yr yields hover around 1.60%. Oil is steady at $68 a barrel and gold trades at $1900. Traders wait to hear from several Federal Reserve members who speak today. The Fed’s Beige Book is released today.

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  • FX Rates
    June 2, 2021

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  • USD

    The US dollar is broadly higher overnight, although not by much. It gained the most against the Swiss franc, but only by 0.33%. Traders wait to hear from several Fed members today and the release of the Fed’s Beige Book, more formally called the Summary of Commentary on Current Economic Conditions, a qualitative review of economic conditions in the 12 Fed districts.


    The UK pound is little changed overnight. UK PM Johnson said that they are on schedule to end Covid restrictions on June 21. There is a full docket of relatively minor economic releases scheduled for this week.


    The euro fell from earlier gains in-line with broad US dollar strength. Eurozone PPI of 1.0% MoM and 7.6% YoY was in line with expectations. EZ PMI and Retail Sales are released later this week.


    The Canadian dollar lost earlier gains in-line with oil prices which fell from earlier highs. Traders await employment data released later this week and the Bank of Canada meeting next week, when no change is expected in its 0.25% benchmark rate.


    The Chinese yuan moved little overnight, but remains trading under key 6.40. China’s PMI data for May is released this week.

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Scott Petruska
Scott Petruska

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