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USD bulls were all smiles by the end of the week thanks to the U.S. and China restarting trade talks and the positive U.S. jobs update, both taking priority over the weak economic updates and Trump’s dovish nominees for the Federal Reserve.
United States Headlines and Economic data
Monday:
- Clarida Says Fed Will ‘Act as Appropriate’ to Sustain Expansion
- ISM manufacturing PMI decreases to 51.7 from 52.1 in May
- US construction spending unexpectedly fell in May
- G20 summit: Trump and Xi agree to restart US-China trade talks – this was likely the catalyst for the early Asia strength through the rest of the Monday session.
Tuesday:
- US proposes $4 billion in potential additional tariffs over EU aircraft subsidies
- New York City Business Outlook Falls in June to 10-Year Low
- Trump announces nominees to fill two vacant Fed seats – Judy Shelton is viewed by traders as monetary policy dove, and this announcement likely contributed to the Greenback’s move lower into the Wednesday session.
Wednesday:
- U.S. mortgage applications little changed in week: MBA
- U.S.-based employers announced plans to cut 140,577 jobs Q2 of this year vs. 190,410 cuts in Q1
- U.S. private sector hiring picks up less than expected in June: ADP
- U.S. trade deficit surges to five-month high as imports soar
- U.S. weekly jobless claims fall more than expected
- Service side of U.S. economy grows at slowest pace in almost 2 years, ISM says
- U.S. factory orders fall for second straight month
Thursday:
- U.S. Observes Independence Day Holiday
Friday:
- Strong job growth is back: Payrolls jump in June well above expectations – this strong update on the U.S. employment environment likely decreased the probability for a July rate cut, prompting traders to cut short Greenback bets.
- China says there will be no trade deal unless existing tariffs are stripped