The pound continues to fall this week as investors react to dovish comments from the MPC this week. US Jobs data beat expectations with actual at 428k, above expectations of 380K. The euro has rallied to start the day, amid a general dollar sell off.
May 6, 2022
EUR/USD 1.057 GBP/USD 1.2334 USD/CAD 1.2861 AUD/USD 0.7085 USD/JPY 130.53 USD/CNH 6.6739 USD/ILS 3.3995 USD/MXN 20.1879 USD/CHF 0.9861 USD/INR 76.9175 USD/BRL 5.096 USD/SGD 1.3848 USD/DKK 7.0326 USD/SEK 9.8945 USD/NOK 9.4535
The DXY is down 0.22% intraday, and is mixed against its G10 peers. US equities slid yesterday and the dollar is trading lower to start the day as US Non-Farm Payroll for April beat estimates.GBP
Sterling fell below 1.23 for the first time in two years. The BOE signaled the UK economy could go into a recession in 2022 with climbing inflation and rising energy prices.EUR
The EU is factoring a possible embargo on Russian oil. EURUSD has recovered slightly to start the trading day, gaining over the dollar. ECB member, Francisco Villeroy de Galhau, suggested that EU rates may rise above 0 this year.CADThe loonie is holding near 1.2800 as oil prices climb. WTI Crude and Brent oil prices are both up 1.9% intraday with fears of an EU embargo on Russian oil, tightening global supply.ASIA/PACIFIC
Early this morning the RBA raised its' inflation forecast, and they will likely look to another rate increase. The aussie dollar held near $0.70 ahead of the US session opening.
Asian stock slide amid concerns for global growth.
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