The dollar edged lower in early European trade Friday, with volumes hit by the U.S. holiday and traders weighing the conflicting influences of positive economic data and the increasing number of coronavirus cases. Economic data released earlier Friday pointed to a brisk pickup in the Chinese service sector, with the Caixin Services Purchasing Managers Index coming in at 58.4 in June, the highest reading in two months. “Fed money printing has now secured what seems to be a stable negative correlation between risk assets and the dollar,” said analysts at ING, in a research note.
The Indian rupee dropped to a record low on Friday, weighed down by worries over the coronavirus pandemic that has prompted investors to dump riskier assets and move towards safe havens. The dollar stood tall on Friday as investors scrambled for the world's most liquid currency amid deepening panic while the euro nursed losses after the European Central Bank disappointed by not cutting rates.
Ford issued a surprise executive shakeup Friday that Joe Hinrichs is retiring and Jim Farley is moving into the chief operating officer role.