US dollar remains flat due to conflicting data
The US dollar remained mostly flat during early European trading on May 11. Traders are analyzing the conflicting stimuli of global economic reopenings and depressing macroeconomic data.
By 06:45 GMT the US Dollar Index gained 0.02% and stood at 99.785. At the same time EUR/USD remained flat as well, standing at 1.0843. GBP/USD gained 0.1% and reached 1.2420. USD/JPY earned 0.4% and reached 107.12.
Europe is entering the time of economic reopenings. Italy, Germany, Spain, Norway, Denmark and other nations are working out plans to cancel containment measures. France had one of the strictest lockdowns on the continent and is already ready to open some of the businesses. Even the United Kingdom, which has been impacted the hardest by the pandemic, revealed its plan to cut down on the pandemic.
In the United States Ohio, Michigan and California - all three are big manufacturing centres - began to reopen factories and select businesses.
At the same time investors have to take into account the growing number of US unemployment claims which reached 30 million mark last week. According to the Treasury Secretary Mnuchin the unemployment rate in the United States might have reached 25% by this point.