Forex Daily Recap – The Greenback was 0.57% Down Amid Downbeat USD Data

EUR/USD

The plunge in the Euro pair that got triggered on May 1 extended until today, reversing near 1.1147 levels. This robust support line earlier touched on April 29. However, the EUR/USD pair had made fresh low for the day near 1.1136 levels. The pair remained stumbled amid the rising Greenback and weak EMU PPI figures. The Eurozone March Producer Price Index (PPI), both YoY and MoM, reported below the consensus estimates. The MoM PPI got recorded around a negative 0.1 percent, compared to the market expectation of 0.0 percent. Laterwards, some positive EMU reports created a new swing in the pair’s movements. The Eurozone April Consumer Price Index (CPI) and Core CPI had reported well above the market expectation. Poor US April Labor Force participation figures and Average Hourly Earnings further bestowed the EUR/USD pair uptrend.

US Dollar Index

The Greenback had remained consolidated near 97.77/84 levels on the last day’s NA session. The US Dollar Index, however, managed to showcase a jump to the 98 levels. The first session upliftment gets discounted to the slumping GBP/USD. During that time, the Cable was down on the backdrop of weak UK Service PMI figures. Despite that, the Green money could not uphold near the robust 98 levels. The Dollar Index got stumbled from 98.06 levels, straight to 97.5 levels.

Notably, the US April Labor Force Participation Rate reported near 62.8 percent over the 62.9 percent estimates. Also, the US April MoM Average Hourly Earnings came out near 0.2 percent to the market hope of 0.3 percent. In the middle of the negative sentiment revolving around the Greenback, there was one optimistic US event. The US April Non-Farm Payrolls reported 78K higher than the street expectation of around 185K. Despite that, the Index scored a ten pips upliftment amid higher-than-expected April Markit Services PMI. Anyhow, the earned 10 pips also got erased with the broadcast of weaker April ISM Non-Manufacturing PMI. Though this ISM figure remained above 50.0 points, it reported 1.5 points lesser than 57.0 points estimates.

GBP/USD

Today, the GBP/USD pair opened up near 1.3032 levels and remained uplifted knocking off 1.3165 levels.  Later, during the Asian session, the pair maintained consolidation mode, hovering near 1.3035 levels. Anyhow, the pair further slipped down marking a new low for the day near 1.2991 levels. The pair displayed this slump after the release of the GBP economic data in the Asian trading period. The UK Markit Services PMI for April got published, and it appeared 0.1 points less than estimation. This downbeat report depreciated the pair with a fall of 32 pips.

A reverse situation occurred during the latter half of the day. The Cable aroused heavily with 174 pips on USD downbeat events. The US Average Hourly earnings, ISM Non-manufacturing PMI, and Labor force participation rate missed estimates. These bearish indexes helped the GBP/USD pair to skyrocket and become the best performer of the day. At 17:00 GMT, the pair was taking rounds near 1.3150 levels.

USD/CAD

After remaining stubborn near 1.3460/73 levels, the Loonie, in the European session, finally dropped to 1.3404 levels. This steep fall in the pair appeared following a plunging US Dollar Index. Today, the Greenback weighed lower to its six major rival currencies, dropping near 97 levels from 98 top levels. Weak USD events had dragged down the Dollar Index. Meanwhile, the Crude Oil which remained near the week low price uplifted a bit on the positive US Employment data. This crude upsurge further deepened the pain in the Loonie making it touch the 1.3400 levels.