Daily Currency Update

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More strong US economic data expected this week

USD - United States Dollar

The US dollar fell back slightly today after enjoying a nice lift on Friday following upbeat GDP numbers. A busy week of economic data is ahead, including the ISM manufacturing PMI set to be released today, which shows business conditions in the US manufacturing sector. It is expected to come in at 65.0, up from 64.7.

A slew of labor reports including ADP non-farm employment change, weekly unemployment claims and non-farm payrolls in April are set to be released this week. Expectations are for 900,000 jobs to have been added to the economy.

Key Movers

Comments by the European Central Bank’s vice president Luis de Guindos helped push the euro against the US dollar early Monday. He said the ECB can start to phase out emergency stimulus measures when the pace of coronavirus vaccinations picks up.

A buoyant US dollar saw the Australian dollar trade lower on Friday as stronger than expected US economic data boosted USD sentiment and stoked inflationary fears. AUDUSD and NZDUSD bounced back slightly today after falling from 0.7780 to 0.7696 and 0.7240 to 0.7151 respectively on Friday.

Expected Ranges

EUR/USD: 1.206 - 1.205 ▲

GBP/USD: 1.380 - 1.389 ▲

AUD/USD: 0.770 - 0.774 ▲

USD/CAD: 1.227 - 1.231 ▼