US back in focus

July 3, 2019

Another busy day coming up for markets as attention turns to the US once again.

The USD continues to dominate, suppressing paired currencies overnight. The EURUSD began the day at $1.12842 and slipped to lows of $1.12741 early in the day. Mid-session trading saw the euro show some signs of life as it climbed its way to a high of $1.13200. The back half of the session saw a retreat from those highs and it is not far off yesterday’s open, currently trading at $1.12892. The GBPUSD started the day at $1.26362 and lifted to a high of$1.26475 early in the session. The pound remained near those levels for a few hours until the decline gained in momentum. Late trading saw the pound drop to a low of $1.25827. It has come off those lows and is currently trading at $1.25962.

A late rally saw the Dow avoid another negative session overnight. The index opened the day at 26,720.14 and struggled early, before trading in a tight range for a good chunk of the day. Late-session trading saw the Dow dip to a low of 26,647.28 before climbing to highs of 26,830.44. It is currently trading at 26,798.93. The Dax was mainly flat overnight, consolidating its much higher open to start the week. The German index opened at 12,549.62 and ticked up to a high of 12,554.03 early in the day. It came off those highs and over the next few hours, fell to a low of 12,479.67. The Dax came off those lows and remained flat before closing at 12,543.20.

The day ahead sees the release of a stack of information, with the most significant emanating from the US. The US will be publishing ISM Non-Manufacturing PMI data later tonight, which has a tendency to cause a bit of movement in markets. The PMI is expected to come in at 56.1, down from 56.9 at the last reading.

Other data published today includes:

NZ – ANZ Commodity Prices

Canada – Trade Balance

China – Caixin Services PMI

Australia – Building Approvals, Trade Balance

UK – Services PMI, MPC Member Ben Broadbent speaks

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

US – ADP Non-Farm Employment Change, Challenger Job Cuts, Trade Balance, Unemployment Claims, Final Services PMI, Factory Orders, Crude Oil Inventories, Natural Gas Storage

 

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