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Greenback Sees Small Bounce In Early Trade

FOREX

After finishing the day lower on Friday the greenback is higher in early trade on Monday, activity may be subdued due to the US holiday. AUD/USD is down 13 pips, Weekend developments surrounding the COVID picture in Sydney have been positive, although authorities clearly remain cautious. Data showed services PMI slipped to 56.8 from 58 in May.

  • NZD/USD is down 5 pips, PM Ardern said Sunday's delivery of 150k Pfizer jabs will help keep the vaccine rollout "cranking along," adding that Pfizer confirmed that 1mn doses will be supplied this month.
  • USD/JPY is up 13 pips, over the weekend PM Suga's ruling coalition gained seats in the Tokyo assembly vote, although it fell short of gaining a majority.
  • Offshore yuan is slightly weaker in early trade, USD/CNH up 10 pips. Participants look ahead to Caixin services PMI later in the session.
  • EUR/USD is down around 9 pips, there were a few ECB speakers over the weekend; ECB's Knot said he was still wary on inflation and ECB's Schnabel said inflation may temporarily overshoot the Bank's target.
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