Jobless claims better than expected, dollar slightly weaker

Jobless claims better than expected, dollar slightly weaker

The dollar is down versus many peers as strong data out of the eurozone and a growth forecast increase bolster both the euro and the pound. Commodity prices remain high buoying commodity linked currencies. Jobless claims data out today were stronger than expected and markets await payroll figures out tomorrow.

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  • FX Rates
    May 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 dollar is lower amid stronger safe havens and as an index of commodity prices set five-year highs boosting commodity currencies. US jobless claims came in at 498K versus 540K expected. Tomorrow’s payroll number will round out the week for employment figures.

    The pound held onto gains versus the dollar after the BoE kept rates unchanged, slowed its emergency bond buying program and upgraded its growth forecast to 7.25% as the economy continues to reopen.

    The euro strengthened 0.4% and is closing in on a 100-DMA following strong German factory orders and retail sales beating market expectations.

    CAD locked in a three-year high as high commodity prices support the Canadian dollar. Canada’s employment report out tomorrow will provide insight into economic recovery.

    JPY strengthened slightly supported by fix-related buying as Tokyo returns from holiday. Outlook for USD/JPY remains on the upside driven by strength of US recovery.  

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Kathryn Garvey
Kathryn Garvey

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