US economy picks up, greenback, Wall Street extend gains into Q3
Private Payroll Increase, Vaccine Take-Up, Fed Speak Lift USD
Summary: US Stocks and the Dollar ended the final day of June higher after ADP Private Payrollsrose 692,000 in June, beating expectations (600,000). Although the May number was revised down, investor optimism for an economic comeback continued. With nearly 60% of US adults having received a Covid-19 vaccine, investors are expecting the economy to start strong in H2. In contrast, many other parts of the world are struggling with lagging vaccine roll outs where the Delta variant is spreading quickly. The Dollar Index (USD/DXY), a popular gauge of the Greenback’s value against a basket of 6 major currencies, rose 0.33% to 92.35,(92.05 yesterday) its highest close since early April. The Euro extended its losses, sliding 0.36% to 1.1858(1.1902), the lowest close since April 9. Sterling lost 0.21%, settling…
