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Dollar Bides Time Ahead Of U.S. Manufacturing, Jobs Data


Wednesday, 1 July 2020 13:40 WIB

DOLLAR


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The dollar held steady against the euro on Wednesday ahead of data expected to show U.S. manufacturing activity and hiring continued to recover from the economic shock caused by the coronavirus pandemic.

The euro was hemmed into a narrow range as traders awaited data on Germany’s manufacturing sector, retail sales, and the jobless rate to gauge the health of the eurozone economy.

The yen firmed slightly on safe-haven flows after a top government spokesman said Japan could re-impose a state of emergency in response to the coronavirus.

A surge in new infections in the U.S. south and southwest has worried some market participants, but most investors are betting this will not be enough to derail a broader rebound in the global economy.

The euro held steady at $1.1223. Against the British pound, the common currency traded at 90.77 pence following a 0.9% decline on Tuesday.

The yen edged up to 107.63 per dollar, pulling back from a three-week low.

The yen barely reacted after Bank of Japan data showed business sentiment fell to an 11-year year low.

Sterling bought $1.2367, surrendering some of the previous day's gains due to worries about Britain's trade negotiations with the European Union.

Source : Reuters


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