Morning Market Update – Continuing Bullish Trend for Greenback

South Korea’s Current Account Balance came in at 6.8B (April) versus the previous value of 5.07B.

The Australian dollar showed a mixed reaction in the markets today. The Australian AiG Performance of Services Index dropped down from a previous value of 53 to 51.5 in April. Australia TD Securities Inflation (YoY) went up to 2.8% this month from a previous value of 2.6% and the Australian TD Securities Inflation (MoM) came in at 0% this month from a previous value of 0.5%.

ANZ Bank’s Job Advertisements in Australia was registered at 0.4% (April) from a previous value of 1.4% and Australia Company Gross Operating Profits (QoQ) dropped down from a previous value of 20.1% to 6% in the first quarter.

The headline Caixin China Services PMI was registered at 52.8 this month versus a previous value of 51.5. Spanish Markit Services PMI dropped down from the previous release with a value of 57.5. However, the Eurozone Markit Services PMI was in line with the previous results.

Greenback continues to be on the downside with the data not providing enough support for the resumption of the dollar’s bullish movement. Nonfarm Payroll employment showed a slight improvement with 0.2% when compared to the previous release. The Unit Labor Costs came in at 2.5% and signaled a weaker greenback for the day. The ISM Non-Manufacturing PMI showed a slight dip with the forecasts at 57 when compared to the previous release of 57.5.
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