FX News

FX Update: US employment Data Weakens Big Dollar

Market Overview

• Worldwide coronavirus cases surpass 174.738 million with over 3.762 million official
deaths.
• Japan’s senior medical advisor has warned Japanese officials against staging the Olympic Games on the 23rd of July based on the strain it could put on healthcare workers.
• The Federal Reserve still believe that inflation rises are transitory/temporary and that price rises will return to normal ahead.
• NZ Business Survey for June confidence came in at -0.4% on 1.8% prior but businesses generally remain economic supportive.
• US President Biden meets with UK Prime Minister Johnson tomorrow to discuss the G7 global minimum tax rate.
• The heavy traffic ANZ “Truckometer” Index for May was down -4.8% against -1.2% m/m showing the NZ economy is under reasonable pressures facing supply issues and logistics.

Major Announcements last week:

  • Canadian GDP m/m prints at 1.1% over 1.0% predicted
  • US ISM Manufacturing for May improves to 61.2 agst 60.8 expected
  • Australian GDP for first quarter 2021 comes in at 1.8% above the 1.5% markets were predicting
  • US Non Farm Payroll released down on expectations of 645k at 559k sending the USD lower
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