The USD strengthened pretty much. Overview for 04.06.2021
EURUSD got under significant pressure and remains weak on Friday.
The major current pair plunged yesterday and remains under pressure today. the current quote for the instrument is 1.2110.
The statistics published by the USA were extremely positive and provided excellent support to the “greenback”.
For example, the ADP Non-Farm Employment Change showed 978K in May after being 654K in the previous month and against the expected reading of 645K. It’s a very good piece of news, and although there is no direct correlation between ADP and NFP, it may still provide insight into what is happening in the sector.
The Marking Services PMI showed 70.4 points in May after being 70.1 points the month before. The ISM Services PMI improved up to 64.0 points after being 62.7 points over the same period of time. That’s also excellent news.
Another thing that raised the demand for the USD was the decision of US President Joe Biden to forbid American investors to acquire stocks of some Chinese companies, mostly military.
Today is another important day for the “greenback” – more reports on the labor market, including the Unemployment Rate, the Non-Farm Employment Change, and the Average Hourly Earnings. The better the readings, the more support for the USD.
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