Daily Briefing: The beleaguered U.S. dollar got some respite on Thursday as Wednesday’s ADP jobs survey showed 2.8 million jobs being lost, far short of forecasts of 9 million lost
as Wednesday's ADP jobs survey showed 2.8 million jobs being lost, far short of forecasts of 9 million lost, and the ISM non-manufacturing PMI also beat estimates, though it continues to show a contraction. Neither data set would be considered decent under normal circumstances, but market moves show how starved investors are for any evidence of a turnaround that would justify the current elevated market valuations.but an analysis of 44 countries by economists at Deutsche Bank put the U.S.
The latest Reuters poll of over 60 analysts predicts the dollar will weaken over the next six months. Hopes of more stimulus has widened the chasm between market valuations and the real economy, despite expectations for a slow economic recovery, growing concern over U.S.-China tensions, U.S. civil unrest and rising coronavirus infections. On Wednesday, the Federal Reserve widened its municipal liquidity program to include more businesses and Australia offered a stimulus package for construction. Major U.S. stocks ended higher on Wednesday, with theand 10-year U.S.
The latest policy actions have resulted in a seven-day winning streak for the euro against the U.S. dollar, a move last seen only in December 2013. The euro’s rise to near 1.08 against the Swiss franc has also eased pressure on the Swiss central bank, whose rate of weekly interventions dropped to its lowest since February.
The dollar’s gains have pushed emerging-market currencies lower with the wider index snapping a four-day winning streak to slip 0.25%. The biggest declines came in South Africa’s rand and Mexico’s peso, both down 0.7%, but both still on track for healthy weekly gains.
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