US Dollar Falls Early Monday, Focus on FOMC, Employment-July 2024-www.financetom.com

US Dollar Falls Early Monday, Focus on FOMC, Employment

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US Dollar Falls Early Monday, Focus on FOMC, Employment

Apr 29, 2024 5:00 AM

07:41 AM EDT, 04/29/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Monday as markets turn their attention to the conclusion of a two-day Federal Open Market Committee meeting Wednesday and Friday's employment report for April.

The week starts off slowly Monday with the Dallas Federal Reserve's manufacturing reading for April at 10:30 am ET and the US Treasury's borrowing requirements for Q2 at 3:00 pm ET.

Highlights for Tuesday include employment cost data for Q1, home price data for February and consumer confidence for April.

Prior to the FOMC meeting's conclusion Wednesday, ADP will release its April private payrolls reading, followed by the US Treasury's quarterly refunding for Q2 and manufacturing data for April.

Thursday's highlights include Challenger monthly layoffs for April, weekly jobless claims, and productivity data for Q1.

After Friday's employment report, nonmanufacturing data for April finishes off the week.

Fed officials remain in their 'quiet period' until Friday.

A quick summary of foreign exchange activity heading into Monday:

EUR-USD rose to 1.0718 from 1.0696 at the Friday US close but was below a level of 1.0730 at the same time Friday morning. Eurozone business sentiment and consumer confidence both slipped in April, data released overnight showed. European Central Bank Vice President Luis de Guindos is set to speak at 3:20 pm ET. The next ECB meeting is scheduled for June 6.

GBP-USD rose to 1.2534 from 1.2495 at the Friday US close and 1.2514 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for May 9.

USD-JPY fell to 155.8712 from 157.8912 at the Friday US close and 156.7092 at the same time Friday morning. The pair reached as high as 159.3980 overnight before plunging sharply on suspected intervention by Japanese authorities. Monday is a holiday in Japan so there were no data released overnight. The next BoJ meeting is scheduled for June 13-14.

USD-CAD fell to 1.3641 from 1.3667 at the Friday US close and 1.3656 at the same time Friday morning. The Canadian budget balance for February is expected to be released at 11:00 am ET. The next Bank of Canada meeting is scheduled for June 5.

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