Dollar edges higher ahead of week’s event risk

06.05.2020 - Korneychuk Evgeniya
Dollar edges higher ahead of week’s event risk

The Dollar edged higher on Wednesday morning in Europe, with investors remaining cautious ahead of event risks for the week. This includes a U.K. central bank meeting and the release of key U.S. unemployment data scheduled for Thursday.

The U.S. Dollar Index rose by 0.2% to 99.925 at 2:40 AM ET (0640 GMT).

The British Pound Sterling slipped to $1.2432, ahead of the Bank of England’s meeting that will take place on Thursday. While the central bank is unlikely to announce any new stimulus, investors are expecting a possible increase in the QE program in the future.  

The Euro also fell against the dollar by 0.2% to a week low of $1.0817.

The Japanese Yen dropped by 0.2% to ¥106.39 per Dollar.

Many also await the release of ADP’s private sector employment report for April on Thursday, a day ahead of the non-farm payrolls report. The report will cover the month’s expenses on lockdown restrictions. Furthermore, it may put a new perspective on the rise of U.S. unemployment last month and may even help determine whether the government’s support measures had any positive effects on layoffs.

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