A relatively quiet Wednesday as far as data goes, mainly due to Independence Day holidays in the US.

Major currency pairs all pushed up as the USD weakened overnight. The EUR/USD opened at $1.16379 and dipped to an early low of $1.16197. It then turned it around and rallied to a high of $1.16726 during mid-session trading. It was unable to hold onto that high as it ebbed and flowed for the rest of the session. In early morning trading, the pair sits at $1.16565. The GBP/USD also enjoyed a strong session. The pair opened at $1.31404 and dropped to a low of $1.31133 a few hours later. It was able to recover strongly and surge to a high of $1.32062. The pair then dipped to $1.31564 before once again bouncing back to its current level of $1.31884.

The Dow look set for another solid session after opening at 24,299.17. The Dow posted steady gains for most of the session, where it reached highs of 24,470.11 in late trading. However, the Dow began to tank and fell to lows of 24,147.74.  It has come off those lows and is currently trading at 24,190.00. The Dax opened at 12,324.99 and dropped to a low of 12,275.00 in early trading. The Dax then rallied to a high of 12,428.00. The Dax was then dragged down by the Dow and gave up most of its gains and closed at 12,302.90.

Attention again turns to Australia as it releases some crucial economic data. Australia is publishing Retail Sales and Trade Balance data which has the potential to shift markets. This shift includes AUD-paired currencies. Other data set for release today includes:

UK – Services PMI

NZ – ANZ Commodity Prices

China- Caixin Services PMI

Europe – Italian & Spanish Services PMIs, European, German and French Final Services PMIs

Disclaimer: The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs. We recommend you seek independent advice if necessary.