Volatile FX markets close out the week with US dollar stronger vs most currencies. The US jobs data added to an already stronger US dollar after yesterday’s sell-off. China signals support for their economy and expectations of a stronger yuan. Consistently strong oil prices can’t help commodity currencies in the face of bullish dollar sentiment. UK market closed again today for Queens Platinum Jubilee celebrating Queen Elizabeth II’s 70 years on the throne.
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June 3, 2022
EUR/USD 1.0726 GBP/USD 1.2543 USD/CAD 1.2558 AUD/USD 0.7232 USD/JPY 130.54 USD/CNH 6.6603 USD/ILS 3.3324 USD/MXN 19.5202 USD/CHF 0.9618 USD/INR 77.6313 USD/BRL 4.8030 USD/SGD 1.3742 USD/DKK 6.9330 USD/SEK 9.7526 USD/NOK 9.4407
After yesterday’s losses, the US dollar gained in volatile FX trading to end the week. The unemployment rate for May remained at 3.6% while Nonfarm Payrolls added 390K jobs vs. the 318 expected. The ISP Services index for May is due out later this morning.GBP
UK markets are closed again today for the Queen’s Platinum Jubilee Bank Holiday.EUR
The euro weakened against the dollar despite more FX market participants expecting the European Central Bank to make a 50bps rate increase sometime before fall of this year.CAD
The Canadian dollar is flat in volatile trading after comments overnight by a Bank of Canada governor suggesting a rate increase above the neutral level may be necessary. The price of oil rose after the US payroll numbers came in better than expected.ASIA/PACIFIC
The offshore Chinese renminbi strengthened overnight to start the trading day in Asia as prior day comments by officials were interpreted as supporting the renminbi.
USD/JPY again surged over the 130 level in early US trading with the recent high of 130.81 within sight. US Treasury yields increased pressuring the yen.
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