Dollar up following strong economic data

04.06.2021 - Petr Mazaylo
Dollar up following strong economic data

The dollar soared in European trade on Friday, reaching multi-week highs following the release of a slew of strong economic data and investors’ anticipation for the monthly payrolls figures which hinted at the possibility of earlier-than-expected Federal Reserve policy tightening.

The Dollar index soared 0.1% at 90.605, reaching a new three-week high. EUR/USD lowered 0.1% at 1.2113, also a three-week low, while USD/JPY dropped to 110.26. GBP/USD lost 0.1% to 1.4095, sharply below the three-year high of 1.4250 reached Tuesday, and the risk-sensitive AUD/USD fell 0.1% at 0.7653, after falling to its lowest since mid-April overnight.

The dollar rose as some strong economic figures were released on Thursday, bannered by ADP private payrolls, which grew 978,000 in May. Some other indicative figures included the weekly initial jobless claims that placed below 400,000 for the first time since the start of the pandemic, and the Institute for Supply Management’s services index soaring to 64 last month, the highest on record, from 62.7 in April.

Investors now shift their focus on the U.S. nonfarm payrolls due later in the day.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?