USD Down as Safe Haven Demand Falters

The US Dollar (USD) declined on Wednesday against major currencies, with improved economic data in the United States and the UK has decreased the demand on the green currency as a safe haven.

An increased risk appetite helped the AUD and NZD rise against the USD.

The USD/JPY is now down by 0.43%, while the USD/CHF is down by 0.16%.

Earlier today, data by the Institute for Supply Management (ISM) showed the purchasing managers’ index (PMI) for the manufacturing sector in the United States increased to 52.6 in June.

Private payrolls in the United States showed an increase of 2.369 million jobs during June, which came below expectations as the coronavirus disease (COVID-19) pandemic is leaving its toll on businesses in the US.

In addition, the May reading was revised to an increase of 3.065 million jobs, versus previous estimates of a decline by 2.76 million jobs, according to the ADP National Employment Report.

The US Dollar Index (DXY), which measures the Dollar’s performance against a basket of major currencies is down by 0.25% at 97.15.