Quarter end positioning boosts dollar
June 30, 2020
EUR/USD 1.1216 GBP/USD 1.2297 USD/CAD 1.3683 AUD/USD 0.6863 USD/JPY 107.70 USD/CNH 7.0742 USD/ILS 3.4655 USD/MXN 23.1660 USD/CHF 0.9499 USD/INR 75.50
The dollar rose 0.3% to a four-week high amid month and quarter-end positioning. Powell and Mnuchin are due to speak before the House Financial Services committee this afternoon. In the text release of remarks, they made it clear that government relief will need to remain in place.GBP
The pound is lower after revised data showed Q1 GDP contracted more than expected. GDP fell 2.2% versus 2% expected. On a yearly basis, UK GDP is down 1.7% and the pound weakened to 1.2258 versus the dollar.EURThe euro is down below 1.12 staying lower even as euro-area inflation showed a slight pickup.CAD
The dollar holds onto gains against the loonie after Canadian GDP for April showed the economy contracted less than expected. The dollar’s safe haven status as well as sliding oil prices supported the move upwards.ASIA/PACIFICThe yen lost slightly versus the dollar for a fifth session. Dollar demand for month and quarter-end fueled the pair's march higher.
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