Dollar soft as equities rise

Strong earnings and a boost in equities bolster risk sentiment keeping the dollar soft to begin the week. Markets will keep an eye on employment data due out this week starting with ADP private sector jobs on Wednesday, and the full employment report due Friday.

Economic Data: 

Monday: Markit Fr Manufacturing, ISM Manufacturing

Tuesday: US Durable Goods

Wednesday: MBA Mortgage Applications

Thursday: Bank of England Bank Rate, US Initial Jobless Claims, GE Factory Orders

Friday: US Nonfarm Payrolls

  • FX Rates
    August 2, 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 dollar opens the week softer ahead of US manufacturing data as equities rise shifting investor sentiment. The US Senate is prepared to pass a $550B infrastructure bill this week – the largest spending on public works in decades.

    The pound backed off of the 1.40 level and is trading slightly weaker this morning. As part of the UK’s reopening plans, vaccinated travelers from the US and EU will no longer need to isolate upon arrival to the UK.

    Factory hiring data out of the eurozone boosted confidence of workers returning to work and sent the euro higher versus the dollar.
    The Canadian dollar is little changed from Friday’s close as a softer dollar paired with lower crude oil demand fail to sway the currency one way or another.

    The Chinese yuan lost ground versus the dollar to begin the week following weaker-than-expected PMI figures.

    The Australian dollar leads gainers versus the greenback. The ROBA is expected to keep its rates unchanged this week and is also likely to put off plans to scale back bond purchases amid a resurgence in covid cases.

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Kathryn Garvey
Kathryn Garvey

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