US Dollar Rises Ahead of S&P Flash PMI
The US dollar rose against its major trading partners—the British pound, euro, loonie, and Japanese yen—early Wednesday ahead of another busy day of economic data releases and Federal Reserve speeches.
The S&P Global flash manufacturing and services purchasing managers’ index estimates for April are due to be released. A quick summary of foreign exchange activity showed that USDEUR fell to 1.1402 from 1.1421 at the Tuesday US close and 1.1494 at the same time Tuesday morning.
The Eurozone’s manufacturing PMI rose slightly in April, while services PMI declined below the breakeven point, according to preliminary data released earlier Wednesday.
Released later, the Eurozone trade surplus surged in February, but construction output declined in the same month. European Central Bank policy board member Philip Lane is due to speak later in the day. The next European Central Bank meeting is scheduled for June 4-5.
GBPUSD fell to 1.3302 from 1.3332 at the Tuesday US close and 1.3368 at the same time Tuesday morning. The UK’s manufacturing PMI moved further below the breakeven point in April, while the services reading now indicates contraction, according to data released earlier Wednesday.
Bank of England Governor Andrew Bailey is due to speak, followed by BoE policy board member Sarah Breeden. The next Bank of England meeting is scheduled for May 8.
USDJPY rose to 142.1576 from 141.6264 at the Tuesday US close and 140.2654 at the same time Tuesday morning. Japan’s manufacturing PMI rose only slightly in April, still indicating contraction, while the services reading showed faster acceleration, according to data released overnight. The next Bank of Japan meeting is scheduled for April 30-May 1.
USDCAD rose slightly to 1.3825 from 1.3824 at the Tuesday US close but was below a level of 1.3842 at the same time Tuesday morning. Canadian new home price data for March are due to be released. The next Bank of Canada meeting is scheduled for June 4. #US Dollar Rises Ahead of S&P Flash PMI Ecobank Rallies Ahead of First Quarter Earnings Release
