Dollar Lower Ahead Of U.S. Payrolls Data
July 02 2020 - 3:02AM
RTTF2
The U.S. dollar lost ground against its major counterparts in
the European session on Thursday, as hopes for development of a
coronavirus vaccine and positive economic data world wide
underpinned risk sentiment.
Sentiment improved after a Covid-19 vaccine developed by German
biotech firm BioNTech and U.S. pharmaceutical giant Pfizer showed
potential and was found well tolerated in early-stage human
trials.
The Department of Labor's June jobs report will be released at
8:30 am ET, a day earlier than usual, in observance of the
Independence Day holiday.
The U.S. economy is expected to have added 3 million jobs in
June, up from a gain of 2.5 million jobs in May.
While German factory sector contracted at a slower pace in June,
manufacturing data from China and the U.S. topped forecasts.
Wednesday's encouraging data fueled hopes of a global economic
recovery from the pandemic.
The greenback fell to a 9-day low of 0.9427 against the franc,
8-day lows of 1.2527 against the pound and 1.1303 against the euro,
from its early highs of 0.9464, 1.2461 and 1.1248, respectively.
The next likely support for the greenback is seen around 0.92
against the franc, 1.28 against the pound and 1.14 against the
euro.
The greenback dropped back to 107.34 against the yen, not far
from a 3-day low of 107.33 set in the Asian session. The greenback
is likely to find support around the 104.00 level. The greenback
slipped to 0.6520 against the kiwi, its lowest level since June 23.
Next key support for the greenback is seen around the 0.67
region.
The greenback pulled back to 0.6937 against the aussie and
1.3576 against the loonie, from its early high of 0.6905 and a
2-day high of 1.3611, respectively. The greenback is seen finding
support around 0.72 against the aussie and 1.33 against the
loonie.
Looking ahead, U.S. and Canadian trade data for May, U.S. jobs
report for June, factory orders for May and weekly jobless claims
for the week ended June 27 are due in the New York session.
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