The US dollar fell from an 11-month high against a basket of major currencies on profit-taking yesterday while sterling recovered from a seven-month low as the Bank of England’s top economist unexpectedly supported an interest rate hike.
The escalation in the US China trade conflict had underpinned safe-haven support for the dollar in recent days.
The Asian equity markets are expected to fall, tracking losses in stock markets across the globe. New Zealand’s migration gain is seen providing support for growth in the long-run whereas the Aussie dollar is seeing a limited bounce fueled by weak US dollar. Today brings little data to the table and market direction is in the hands of risk appetite to end the week.
Upcoming announcements for today is Canada’s Retail Sales for the month of April and Consumer Price Index for May.