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FOREX: Dollar drop fades as stocks shy from Trump speech
- Confirmation that President Trump is to hold a press conference to announce
major China policy measures sent risk appetite spiralling in the latter hours of
Friday, helping the greenback to bounceback from a weak start. Month-end flows
uniformly pointed at USD sales into the fix, prompting the USD to fall against
most others (notably the EUR) before deteriorating equities helped arrest the
slide. After a strong start to the week, CAD reversed into the close despite GDP
data faring slightly better-than-expected, with markets likely taking profits on
the sharp rally earlier in the week.
- The coming week is a particularly busy one, with May ISM data in the first few
days before the week closes off with the US and Canadian jobs reports. The US
unemployment rate is seen climbing again to just shy of 20% as the US economy
sheds a further 8mln jobs across May. Several rate decisions are also due, with
the RBA and BoC seen keeping rates unchanged. The ECB are expected to modify
their purchase programme to counter the looming economic risk by boosting
purchases to as much as E500bln.