Dollar mixed awaiting PMI for June

The dollar is mixed versus peers ahead of PMI data due out today gaining ground versus the pound, euro and Canadian dollar and losing ground versus the Australian dollar and Japanese yen. Oil hit a six-year high following a breakdown in OPEC talks where an increase in production was expected. US equities point to a decline at the open as investors remain worried about an ongoing ransomware attack.

Economic Data:

Tuesday: German ZEW, US ISM

Wednesday: GE Industrial Production, US Mortgage Applications

Thursday: US Jobless Claims,

Friday: UK Industrial Production, CA Unemployment

  • FX Rates
    July 6, 2021

    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
    The DXY index ticked higher this morning ahead of the ISM release this morning. The PMI gauge is expected to have edged higher. Pres. Biden announced that the US is independent from the coronavirus in July 4th remarks on Sunday.
    GBP

    The pound ticked higher versus the dollar following upbeat economic comments and as PM Johnson seeks to have Covid restrictions lifted by the end of July.

    EUR

    The euro fell this morning following soft ZEW data. German ZEW tumbled to 63.3 from 79.8 and fell very short of expectations of 75.4. Retail sales rose 4.6 MoM. The ECB will enter the final stage of its strategy review today and will finalize inflation targets, discussions on climate change and the labor market.

    CAD

    The US dollar posted gains versus its Canadian counterpart, but the loonie remains supported as WTI prices reach six-year highs.

    ASIA/PACIFIC

    The Australian dollar rose against the US dollar after RBA left interest rates unchanged at 0.1% and hinted at the first rate hike to come in 2023 instead of 2024. The hawkish comments, along with a reduction in bond buying sent the Australian dollar higher versus peer currencies.

    The dollar lost ground versus the Japanese yen on strong household spending data out of Japan.
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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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