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Published: 2024-06-05T20:22:55.000Z

North American Summary and Highlights 5 June

byDave Sloan

Senior Economist , North America
4

Overview - The CAD slipped after a 25bps BoC easing. The USD was supported by ISM services data but USD gains later faded.  

North American session

The USD saw early losses but bounced on a stronger than expected May ISM services index of 53.8, rebounding from a weak 49.4 in April. After some choppy late morning trade the USD gave up some of its advance in the afternoon. USD/JPY dipped below 156 early but bounced back after the data getting close to 156.50. EUR/USD found sellers below 1.09 and buyers above 1.0850 ending in mid-range. EUR/GBP slipped to .85 as GBP/USD returned to near 1.28 after slipping to 1.2755, but EUR/CHF gains extended to .9710. USD/CHF peaked near .8950.   

USD/CAD bounced above 1.27 on a 25bps BoC easing. The move was as expected but comments from BoC Governor Macklem that more easing could be expected if inflation progress continued were noted. The US data extended the move to 1.2740 but the afternoon saw a move back below 1.37, as the USD lost momentum generally leaving USD/CAD with only modest gains. Macklem also stated that the path of rate cuts was likely to be gradual.

European morning session

USD/JPY gained around half a figure through the European morning, continuing the overnight JPY decline as Tuesday’s strong JPY gains were reversed as risk sentiment recovered. USD/JPY reached a high of 156.30, but there was little movement elsewhere. AUD/USD lost around 10 pips to 0.6650 and USD/CAD gained around 10 pips to 1.3685, but EUR/USD and GBP/USD were little changed. EUR/CHF gained around 10 pips to 0.9705. 

There wasn’t much news of note. Final services and composite PMIs from the Eurozone showed a small downward revision, while the UK version saw a small upward revision. Eurozone PPI came in weaker than expected in April at -1.0% m/m, -5.7% y/y, but none of this had market impact.  

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