Dollar sinks following weak employment data
May 7, 2021
EUR/USD 1.2108 GBP/USD 1.3924 USD/CAD 1.2175 AUD/USD 0.7793 USD/JPY 108.87 USD/CNH 6.4395 USD/ILS 3.2595 USD/MXN 19.9713 USD/CHF 0.9059 USD/INR 73.50 USD/BRL 5.2520 USD/SGD 1.3294 USD/DKK 6.1428 USD/SEK 8.3661 USD/NOK 8.2759
The dollar slid to two-month lows following missed payroll estimates and unemployment rising to 6.1% versus 5.8% forecasted. The miss – and revised lower numbers for March put downward pressure on the US currency.GBPThe pound gained ground on USD weakness and the UK awaits results of the Scottish parliamentary elections.EURThe euro strengthened versus the dollar as US payrolls disappoint. The common currency has gained 0.53% and is approaching monthly highs.CADInitial soft employment data out of Canada weakened the Canadian dollar until a massive miss on US employment data and a weakened dollar reversed the price action on the pair.ASIA/PACIFIC
USD/JPY dropped below 109 following US employment data. Despite the momentum on dollar weakness, the yen is among the worst performing currencies this week as Japan seeks to extend a state of emergency over Tokyo till the end of May.
For more analysis on FX markets or information regarding SVB's FX services:
See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory