Tailwinds for the Greenback!
With uncertainty looming over the eurozone and the -4% drop in crude oil prices, the U.S. dollar has surged against the loonie, up +2.5% since the week began. It wouldn’t be surprising for it to revisit the highs seen in March in the coming days and weeks.
U.S. employment figures, which will be released today due to the Independence Day holiday tomorrow, could give the greenback an additional boost. Markets expect 233,000 new jobs in May and an unemployment rate around 5.4%. The details of the report, such as growth in earnings and hours worked, will also be of interest to pundits.
Meanwhile in Greece, results of the most recent GPO survey show that the outcome of the upcoming referendum is too close to call. The yes side has a slight lead with 47% of decided voters while 43% of Greeks said they would vote no on Sunday and 10% remain undecided. That being said, 74% of respondents want to remain in the European Union whatever the cost.
