The U.S. Dollar stuck to mostly familiar ranges across the board with a positive trend.
Overview
The buck has been climbing ever since the end of April, thus far building 1.0% in value. Much of it is due to the revived image the U.S. is presenting in comparison to the rest of the world as cities all around the country lift restrictions and allow business flows. Markets are also quieter, partly because of the dire situation the globe is monitoring in India. Additionally, there are reports of very slow shipping as supply chains continue to suffer from high demand and ongoing shortages as factories try opening back up. All eyes will be on earnings as well, especially Pfizer after the inoculation efforts that have been going on for months.
We will get a glimpse of Factory Orders and Durable Goods Orders from March at 10AM. Additionally, we are seeing Emerging Market currencies rise with commodities continuing to go up in price. Raw materials, shipping issues, and COVID are certainly keeping the recovery from flourishing. We shall see if any progress is made in talks over the big spending bill for America.
What to Watch Today…
- Factory Orders 10 AM
- Durable Goods Orders 10 AM
EUR ⇓
The Euro fell slightly overnight without much in news items guiding its direction. After the Euro appreciated in April, it is clear that the Euro-zone has taken steps to improve its medical situation, which will apparently translate into the EU allowing tourists back to its shores. Brussels officials released the news that low-infection countries can send their vaccinated holiday seekers. We shall see if this can turn into a positive for the shared currency.
AUD ⇓
The Australia Dollar fell after the Reserve Bank of Australia’s meeting, in which RBA governor Philip Lowe explained that there is still room to go for improvement. Although the Antipodean nation has benefitted from a resurging China and lines of trade, inflation has not picked up and Lowe said they can always increase their sovereign bond purchases. Much like the Fed, the RBA sees progress, but wants to see how tight labor can get before inflation becomes something that must become a concern.
Ready to spin the currency market moves in your favor?
Discover HOW WE Can HELP You SEND or RECEIVE PAYMENTS
