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Market news

3 June 2020

European session review: USD weakens amid improved risk appetite and unsettling protests in U.S.

TimeCountryEventPeriodPrevious valueForecastActual
07:50FranceServices PMIMay10.229.431.1
07:55GermanyServices PMIMay16.231.432.6
07:55GermanyUnemployment ChangeMay372200238
07:55GermanyUnemployment Rate s.a. May5.8%6.2%6.3%
08:00EurozoneServices PMIMay12.028.730.5
08:30United KingdomPurchasing Manager Index ServicesMay13.42829.0
09:00EurozoneProducer Price Index (YoY)April-2.8%-4%-4.5%
09:00EurozoneProducer Price Index, MoM April-1.5%-1.8%-2%
09:00EurozoneUnemployment Rate April7.1%8.2%7.3%
12:15U.S.ADP Employment ReportMay-20236  
12:30CanadaLabor ProductivityQuarter I-0.1%1.2%3.4%

USD fell against most other major currencies in the European session on Wednesday as hopes for a quick global economic recovery from the coronavirus downturn and expectations of more stimulus from central banks and governments bolstered risk sentiment. The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, dropped 0.15% to 97.53.

The Markit/Caixin Services PMI for China climbed to 55.0 in May from 44.4 in April, signaling the first increase in services activity since January. The pace of expansion was the steepest since October 2010. The surveyed companies mentioned that an easing of restrictions related to the COVID-19 outbreak had driven the renewed expansion of activity. 

Meanwhile, IHS Markit Eurozone Composite PMI rose markedly from April’s record low of 12.0 to record a three-month high of 30.5. Despite the improvement, however, the index remained well below the 50-no-change mark and indicative of another considerable reduction in service sector activity. 

The U.S. currency remained also weighed down by ongoing violent mass protests across the United States over police brutality and their implications for the U.S. economy.

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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