Weak demand for USD amid upbeat market mood
The dollar is mostly lower amid stronger equities and solid economic data reported out of Europe on Friday. Light trading overall today as Chinese, Japanese and UK markets celebrate May holidays.
This week's economic data:
Monday: FR Markit Manufacturing, US ISM Manufacturing
Tuesday: US Durable Goods, UK Markit PMI
Wednesday: US Mortgage Applications, GE Factory Orders
Thursday: BOE Bank Rate, US Jobless Claims
Friday: US & Canada Unemployment Rate
May 3, 2021
EUR/USD 1.2052 GBP/USD 1.3895 USD/CAD 1.2285 AUD/USD 0.7738 USD/JPY 109.18 USD/CNH 6.4758 USD/ILS 3.2459 USD/MXN 20.2660 USD/CHF 0.9121 USD/INR 73.9350 USD/BRL 5.4392 USD/SGD 1.3307 USD/DKK 6.1692 USD/SEK 8.4380 USD/NOK 8.3000
The dollar is lower versus G-10 peers as risk tone improves. Data out today includes US PMI for April, ISM Manufacturing and Construction spending. Fed Chair Powell will also speak on community development.GBP
The pound leads gainers today reversing and recovering nearly all ground lost to the dollar on Friday as US yields ease.EUR
The euro ticked up 0.2% following eurozone manufacturing data that rose to the highest level in 20 years.CADUSD/CAD edged lower and trades within a narrow range hovering near 2018 lows. Markets remain focused on key data this week including unemployment numbers for both Canada and the US Friday.ASIA/PACIFIC
The USD/JPY cross reached one month highs on Monday snapping a three week losing streak.
For more analysis on FX markets or information regarding SVB's FX services:
See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory
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