The US dollar declined across the board yesterday, by as much as 1.5% against commodity-based currencies like the Australian and Canadian dollars and 0.8% against the euro and sterling.
The prompt was comments from various members of the Fed’s monetary policy committee the FOMC that an interest rate hike would be skipped in June.
Yesterday’s data included ISM Manufacturing PMI which fell below expectations to 46.9.
This afternoon is the monthly non-farm payrolls data, generally accepted as an excellent gauge as to the health of the US economy – and a genuine market mover to watch out for. A heavy decline is expected, from 2023’s monthly average of 285,000 new jobs to below 200,000.
Next week starts with Services PMI which is expected to be positive (anything over 50 denotes overall optimism) at over 52.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 3918 7255 or your Private Client trader on 020 7898 0541
USD/GBP past year
