The dollar once again reacted positively to improving U.S. data, this time on a narrowed trade deficit, and improved factory orders. Wall Street rallied to new record highs, as Treasury yields moved up as well. Markets will likely slow ahead of Friday’s U.S. jobs report. EUR-USD bottomed at 1.1703 after opening near 1.1745, while USD-JPY made its way from 112.42 to 112.82. USD-CAD spiked up to one-month highs after a widened Canadian trade deficit threw more cold water on BoC rate hikes, while cable plumbed one-month lows on some Tory calls for a May resignation.
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