Daily Currency Update

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Non-manufacturing activity gains in June

USD - United States Dollar

US economic activity in the non-manufacturing sector grew in June after two consecutive months of contraction, according to a report from the nation's purchasing and supply executives.

The Non-Manufacturing ISM Report on Business represents a survey of about 300 purchasing managers to rate the relative level of business conditions. It is considered a leading indicator of economic health.

The US dollar saw a mild bump in value against the Euro, the Great British pound and the Canadian dollar.

Looking at the week ahead, the US releases unemployment claims Thursday. As the US tangles with COVID-19, unemployment claim numbers will give insights into the future of consumer spending.

Key Movers

The UK hospitality sector received a welcome boost this weekend as pubs, restaurants and cinemas reopened after over three months of coronavirus enforced shutdown. Dubbed "Super Saturday,” it came across as a relative success with those fearing hospitals would be overwhelmed with revelers taking it too far. As more and more venues reopen this weekend it will be another test to see how the English public and the sector copes with months of pent up demand.

European Central Bank President Christine Lagarde over the weekend painted a bleak picture for the Eurozone. She listed the likely scenario of two years of downward price pressures as the economy transitions as a result of the pandemic. In the UK, Brexit talks ended prematurely last week as key issues around UK fishing waters and the role of the European court of justice remain sticking points.

Expected Ranges

USD/CAD: 1.352 - 1.356 ▼

GBP/USD: 1.246 - 1.251 ▼

EUR/USD: 1.124 - 1.134 ▲

USD/AUD: 1.431 - 1.442 ▼