Dollar Climbs Before Jobs Data, Loonie Slips
The dollar edged higher as traders waited for further data to assess the impact of President Donald Trump’s trade policies on the US economy. The Canadian dollar eased as the Liberal Party was set to claim narrow victory.
The Bloomberg Dollar Spot Index added 0.2% after falling 0.5% on Monday as a disappointing manufacturing activity report added to concerns over US economic growth. A gauge of US job openings and consumer confidence data is due later Tuesday
USD/CAD climbed 0.1% to 1.3846
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“There is a chance the incoming top tier US data exceeds rather downbeat expectations,” Peter Dragicevich, currency strategist at Corpay, wrote in a note
If realized, this could give the beleaguered USD a bit of short-term support, particularly against the EUR and/or JPY if the BOJ also pushes back on the prospect of further interest rate hikes later this year because of global developments
AUD/USD slipped 0.3% to 0.6412 while NZD/USD fell 0.2% to 0.5966
Aussie and kiwi declined as China responded to US Treasury Secretary Scott Bessent by urging countries against giving in to US tariff threats, saying it would only embolden the “bully”
USD/JPY rose 0.3% to 142.45
EUR/USD fell 0.3% to 1.1385
ECB Eurozone 1- and 3-year inflation expectations due
Source : Bloomberg
