Home Daily Commentaries USD dips against most majors amid slew of data releases

USD dips against most majors amid slew of data releases

Weston Blystone
Written by
Weston Blystone

Weston Blystone

OFXpert

At OFX, Weston collaborates closely with businesses, guiding them and providing invaluable insights into foreign exchange strategies to mitigate risk effectively.

| Thursday 30 May, 2024

Daily Currency Update

The US Dollar Index (DXY) was up slightly this morning by around 0.16% to trade near 104.78. However, the USD was down against most majors including the EUR, GBP, AUD, and CAD. In data news, Preliminary Gross Domestic Product (GDP) quarter-over-quarter data came in higher than expected at 1.3% versus the expected 1.2%. This rise primarily showed increases in consumer spending, residential and non-residential fixed investment, and state and local government spending. Conversely, the Preliminary GDP Price Index, which measures the change in price of goods and services produced in the United States, was lower than expected at 3% instead of the 3.1% that was anticipated. Weekly Unemployment Claims also came in a little higher than expectations at 219,000 versus 218,000. Lastly, Pending Home Sales monthly data came in far below expectations at -7.7% versus the expected -1.1%.

Key Movers

In the Eurozone, Spanish Flash Consumer Price Index (CPI) yearly data showed lower than expected levels at 3.6% versus the expected 3.7%. The Eurozone Unemployment Rate also came in lower than anticipated at 6.4% instead of 6.5%. This decreased unemployment data seemed to bolster the EUR this morning to trade up against the USD, GBP, and CAD.

In Swiss news, the CHF GDP quarterly data showed higher-than-expected levels at 0.5% versus 0.3%. The Swiss Franc was up against both the USD and CAD so far this morning.

The Canadian dollar was up so far this morning against both the USD and GBP. This strength came amid the release of Current Account data, which is the difference in value between imported and exported goods, services, investment income, and current transfers for the previous quarter. Current Accounts came in a little higher than expected at -5.4 billion versus the expected -5.5 billion. Oil dipped slightly today by around 0.38% to sit near 78.93.

Expected Ranges

  • EUR/USD: 1.0788 - 1.0839 ▲
  • GBP/USD: 1.2680 - 1.2734 ▲
  • AUD/USD: 0.6590 - 0.6642 ▲
  • USD/CAD: 1.3675 - 1.3734 ▼

Written by

Weston Blystone

OFXpert

Weston is on a mission to help people make the most out of their foreign exchange transfers. As Corporate Client Associate at OFX, he collaborates closely with businesses, guiding them and providing invaluable insights into foreign exchange strategies to mitigate risk effectively. Always eager to deepen his understanding and share his expertise with others, Weston finds great satisfaction in working with diverse individuals providing currency risk management strategies.

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