Dollar lower on trade tensions

Initially down more than 0.6%, the dollar regained some lost ground amid an uptick in demand for haven currencies as trade tensions between the US and China continue. Many US cities engaged in protests over the weekend in reaction to the recent racially charged deaths of Breonna Taylor, George Floyd and Ahmaud Arbery.

Monday: Markit Fr Manufacturing, US ISM manufacturing

Wednesday: CA Rate decision, MBA Mortgage Applications

Thursday: Jobless Claims

Friday: Nonfarm Payrolls, GE Factory Orders

  • FX Rates
    June 1, 2020

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.


  • USD

    Initially down 0.6%, the greenback pared some losses as investors looked for safe haven cover after the Chinese government had agricultural companies suspend the purchase of American soy imports. The Chinese action followed President Trump’s comments on Friday saying trade privileges with Hong Kong would be pulled back.

    GBP
    Sterling advanced versus the dollar to the highest level since May 11. Investors look ahead to EU-UK Brexit talks this week.
    EUR

    The euro rose for a fifth day on ongoing short coverings ahead of the ECB meeting this week.

    CAD
    The Canadian dollar rose to 11-week highs versus the greenback and was the strongest performer behind the Australian dollar.
    ASIA/PACIFIC

    The yen picked up on safe haven demand after China withdrew purchases of American soy products. The offshore yuan slipped on the continued US-China trade tensions. Australian dollar was the top G-10 performer pushing through the 200-day moving average reaching a four-month high versus the greenback.

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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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