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.
May 6, 2021
EUR/USD 1.2061 GBP/USD 1.3905 USD/CAD 1.2212 AUD/USD 0.7756 USD/JPY 109.22 USD/CNH 6.4688 USD/ILS 3.2530 USD/MXN 20.2347 USD/CHF 0.9077 USD/INR 73.75 USD/BRL 5.3140 USD/SGD 1.3340 USD/DKK 6.1632 USD/SEK 8.4448 USD/NOK 8.3266
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.GBPThe 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.EUR
The euro strengthened 0.4% and is closing in on a 100-DMA following strong German factory orders and retail sales beating market expectations.CADCAD 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.ASIA/PACIFIC
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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