Dollar and other haven currencies rise on risk off sentiment

Moderate risk-off sentiment permeates the market today ahead of US jobs and manufacturing data. Equities are beginning the quarter on a back foot after ending a record quarter yesterday. The dollar and other haven currencies remain higher versus their major counterparts.
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  • FX Rates
    July 1, 2020

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  • USD

    The dollar is higher along with other haven currencies as global equities dip after a record quarter and bonds slip. ADP shows the US added 2.37M jobs in June – fewer than the 2.9M forecasted. FOMC minutes are due out today and the official Jobs Report is out tomorrow.

    The pound eased slightly and then gained ground after BOE’s Haskel made comments around activity returning faster than expected and that the central bank still has room to do more to support the economy.

    The euro slid versus the dollar. Italy is preparing a EUR 20B stimulus plan for approval this month aimed at softening the impacts of the pandemic. German unemployment data printed 6.4% which was slightly better than 6.6% expected.

    The Canadian dollar is weaker versus its US counterpart as risk appetite wanes ahead of US Jobs and Manufacturing data. The pair rose 0.1% to 1.3590.
    The yen beat the dollar as the haven currency advanced 0.4% versus the greenback. The first arrest was made in Hong Kong after the enactment of the new National Security Law. The offshore yuan hit the highest level  in a week on indications that the economy is slowly rebounding.
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Kathryn Garvey
Kathryn Garvey

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