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US Dollar pushes new highs on worsening global outlook

Today's news headlines:

‘Dollar dominance rips through every market on Fed, China risks’. The US Dollar made fresh multi-year highs on a trade-weighted index this morning as Chinese lockdowns, rising inflation, and a worsening global economic outlook boosted demand for the safe-haven currency. Friday’s strong Non-Farm Payroll data pushed Treasury yields higher, further boosting the attractiveness of the Greenback. Meanwhile, export growth and manufacturing activity slowed significantly in China, the world’s second-largest economy. (Bloomberg)

‘Putin’s Red Square Parade is chance to show gains in Ukraine war’. Russian President Vladimir Putin will make a speech at the May 9th Victory Day celebration, which marks the defeat of Nazi Germany in World War II. Western officials suggest he may use the speech to formally declare war in the Ukraine conflict, which has been referred to as a ‘special military operation’, in a move which may give the stalled efforts new strength. (Bloomberg)


US and European equity futures trended lower this morning, and the US Dollar climbed to its strongest level since 2002 on a trade-weighted index. The Australian and New Zealand Dollars slipped the most against the US Dollar, while the Japanese Yen made fresh lows against the Greenback. Brent Crude remained steady at around $112 a barrel.


Japanese Composite Purchasing Managers’ Index (Apr): 51.1 (prev. 50.9)
Chinese Exports YoY (Apr): 3.9% (prev. 14.7%)
US Wholesale Inventories (Mar): 3:00PM

Interbank rates:
GBP/USD – 1.2275
GBP/EUR – 1.1682
EUR/USD – 1.0507
USD/CAD – 1.2936

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.