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On Thursday, the key US currency held steady against the Japanese yen after yesterday's recovery. It’s because stock prices rallied after the sell-off provoked by the escalation of trade relations between the US and China.
The US dollar added 0.15% versus its key Japanese counterpart offering an outcome of 106.930 yen, having soared from a minimum of 105.990 reached yesterday.
The recovery of US equities helped the greenback to climb up, as the problems of the trade war somewhat calmed down after Donald Trump’s economic advisor Larry Kudlow told that the presidential administration is currently negotiating with China and it’s not participating in the trade war.
Now market participants shifted their attention to data from the US labor market, which will be published on Friday. According to average forecasts, in March the overall number of folks employed in the non-agricultural sector of the US economy increased by 198 thousand after a leap of 313 thousand in February.
The Australian dollar declined after yesterday's growth, despite positive data on the index of activity in the services sector of Australia.
In March, the service activity index, published by the Australian Industrial Group, tacked on to 56.9 from 54 in February, which appears to be the highest result since December 2016.
According to the AiG report, new orders, sales, employment as well as wages have been improved since the previous month.
The Australian economy is in a very good condition in early 2018, at least as follows from recent economic data.
Retail sales increased strongly in February, employment surge continues, and activity levels in the manufacturing sector of the country are also improving, although at a slower tempo.
Besides this, the service sector of Australia, which is the largest in the country and, therefore, the most crucial, is also gaining momentum.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!
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