Dollar recovers losses, Euro loses steam

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2 June 2017

Συντάχθηκε απο τον
thomasdodds

S
terling seemed to ignore the YouGov polls that continue to show a tightening electoral race and pulled back only slightly against most major currencies.

The Euro gave up its Tuesday gains as end of month portfolio rebalancing flows that supported it earlier in the week no longer provided a bid for the common currency, and traders focused again on the weak inflation data.

Major currencies in detail

GBP

A slight increase in the PMI manufacturing index in May and the third consecutive drop in monthly housing prices were the only economic news of note released today. Sterling has started to ignore the cacophony of polls, which are still consistent with a tighter race that should still deliver a Conservative victory.

EUR

All the PMI indices are in, and while the overall activity numbers were strong, there is little sign of pricing pressures anywhere. Markets ignored Bundesbank President Weidmann suggestions that he wants the ECB to start changing its guidance as early as next week’s meeting.

With no key data out today, the Euro will trade off the US payroll report out early afternoon.

USD

All eyes again on the US payrolls report for the month of April today. Consensus expects around 180,000 net new jobs, steady unemployment numbers and a pullback in wage growth. We see the wage numbers as more informative and market moving than the actual headline or unemployment numbers, and will send out a market update shortly after the report is released.,

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