Earlier in the Day: It was another relatively busy Asian session this morning. Key stats including New Zealand electronic card retail sales figures and Australia’s…
Stats out of the UK could hit the Pound, the BoC is due to deliver its policy decision with FED Chair Powell is due to give testimony to Congress.
In my opinion, EUR/USD investors have already moved on from the Fed cut worries and are focusing on the ECB meeting on July 25. To me, it doesn’t matter what the Fed does because traders will be pricing in a potential ECB rate cut in September and the possibility of renewed stimulus.
With stats on the lighter side, the Pound will be in action as the leadership race enters its final week. FED Chair Powell could also influence later today.
It could be a choppy day ahead for the majors, with economic data out of Germany and geopolitics in focus on the day.
In my opinion, after the jobs data is released on Friday and traders make their position adjustments, the uncertainty over the Fed’s July 31 monetary and interest rate decisions will be lifted and the uncertainty will shift to the European Central Bank. This should lead to further pressure on the EUR/USD. One problem for EUR/USD traders is that the ECB makes its next interest rate and monetary policy decision on July 25 and the U.S. Federal Reserve will make its decisions on July 31.
A surge in household spending had little influence early on as the markets look ahead to U.S nonfarm payroll numbers that could affirm a July rate cut.
The Swiss Franc pair appeared to remain stuck between the 200-day SMA, 50% Fibonacci level, and 50-day SMA throughout the day. As the day approached closing, the Aussie pair bulls seem pleased as they have broken the robust 0.7038 resistance level.
The Greenback was on the backfoot in the early part of the day as the markets reacted to weak numbers out of the U.S. It’s a quiet day ahead on calendar…
Despite appealing AUD-specific data, the Aussie pair hesitated to make a move following downbeat Chinese June Caixin Services PMI data release. The Cable slipped, reaching a two-week bottom, after the release of weaker June UK Markit Services PMI.
It’s risk off early on as the markets now look to economic data for direction near-term. Trade negotiations are likely to drag on…
A major decline of 0.34% in the GBP/USD pair’s movements came following BoE’s Carney’s dovish medium-term economic outlook. The Kiwi pair was taking rounds near the last closing throughout the day.