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The forex markets are in a steady position as traders await the announcement of US Nonfarm Payrolls on Friday. The dollar index rose 0.21 percent to 92.06 on Tuesday, indicating a small rise. Overnight, the Pound fell below the 1.39 mark. Anxiety over Covid’s revival in Europe, the United Kingdom, and Asia has lowered risk appetite, pushing the US dollar slightly higher. If the pandemic woes develop, the dollars may gain even more ground.
So far this week, the dollar and the yen have been modestly stronger currencies. The S&P 500 and NASDAQ both set new highs, but the DOW didn’t follow suit and concluded the day lower. The majority of Asian markets are likewise in the red. Today, the Australian and New Zealand Dollars are significantly weaker, although the Pound is lagging.
For the time being, the Sterling appears to be weak against the dollar and the Yen. Breaking minor support at 1.3859 in GBP/USD and 153.07 in GBP/JPY would suggest that last week’s rallies have concluded.
On the data calendar, UK news is limited to Level 2 events. Net lending to individuals is expected to skyrocket to £6.9bn in May, up from £2.9bn earlier. A strong leap will indicate an increase in economic activity as consumers borrow more loans. The UK is to release 1Q GDP data on Wednesday, which is expected to show contraction – the consensus is -1.5% m/m and -6.5% y/y. These second estimates are expected to confirm initial estimates which means that the pound’s reaction should be muted if the forecast does not deviate much from the target.
The Dollar’s Value Rises Once More As Pound Recedes
Even as Treasury yields fell again on Monday, the US dollar is being supported by a favorable growth outlook for the US economy and some mild risk-off trades. However, the drop was likely due to month- and quarter-end positioning and rates were inching up today, bolstered by relatively hawkish words from Fed officials in the previous 24 hours.
Except against its US and Swiss peers, the dollar index surged beyond 92.0 to a one-week high, while the safe-haven Japanese yen was largely higher. The greenback is off to a strong start this week, and if the forthcoming US data does not disappoint, it might garner even more bullish momentum.
Investors will be paying close attention to the Conference Board Consumer Confidence Index later today and the ISM manufacturing PMI on Thursday before turning their attention to Friday’s nonfarm payrolls data.
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