Dollar mixed versus peers ahead of key data this week

Dollar mixed versus peers ahead of key data this week

The dollar was lower versus peers ahead of ADP employment data this morning and then ticked higher following data showing 742K jobs were added in April – the strongest reading since September 2020. Markets look towards tomorrow’s Bank of England meeting and Friday’s employment data out of the US and Canada.

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  • FX Rates
    May 5, 2021

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  • USD

    The dollar is mixed versus peers this morning as commodity currencies outperform and soft data out of the eurozone send the euro lower. Yellen walked back comments yesterday where she indicated interest rates would need to rise at some point. ADP employment change came in at +742K, below expectations but continuing an upward acceleration. Investors will continue to watch for Friday’s employment numbers as an indicator of the health of the US economy.


    The pound ticked higher versus the greenback ahead of tomorrow’s Bank of England Monetary policy statement tomorrow. The BoE is expected to leave the rate untouched and investors will listen for how and when the bank will reduce QE measures ramped up in 2020.


    The euro dipped versus the dollar and found support just below 1.20 as soft market services PMI for April weighed on the currency.


    The Canadian dollar strengthened along with other commodity currencies helped by a rally in oil prices and other input commodities.


    The Japanese yen gained a little strength after trading in a tight range. Tokyo returns from holiday on Thursday which may increase volatility.

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Kathryn Garvey
Kathryn Garvey

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