While market participants wait for the results of the UK general elections, attention is expected to gradually shift to the release of US Nonfarm Payrolls on July 5, following a dull session that witnessed marginal volatility and unusual trade conditions in response to the US Independence Day holiday.
Here is what you need to know on Friday, July 5:
The USD Index (DXY) remained stuck within its multi-session bearish trend, approaching once again the 105.00 neighbourhood. The Nonfarm Payrolls and the Unemployment Rate will be at the centre of the debate on July 5, along with the speech by the Fed’s J. Williams.
EUR/USD picked up pace and extended the recent breakout of 1.0800 the figure. On July 5, Germany’s Industrial Production is due in the first turn, seconded by Retail Sales in the broader Euroland and speeches by the ECB’s Elderson and Nagel.
GBP/USD maintained its bullish stance well in place for yet another session and traded at shouting distance from monthly peaks north of 1.2700, all ahead of the results of the UK general election. House Prices tracked by Halifax are due on July 5, ahead of the BBA Mortgage Rate and the speech by the BoE’s Benford.
USD/JPY retreated markedly amidst the Dollar’s sell-off and the inactivity in the US. money market. On July 5, the Japanese docket will include Household Spending, and the preliminary readings of the Coincident Index and the Leading Economic Index.
AUD/USD kept its upside bias well in place and revisited the area of three-month highs past the 0.6700 mark. The final Retail Sales are only due in Oz on July 5.
Prices of WTI added to Wednesday’s advance and flirted with recent monthly highs past the $84.00 mark per barrel as traders assessed the sharp drop in US crude oil stockpiles and the extra weakness in the dollar.
Prices of Gold alternated gains with losses around the $2,360 region following another negative day of the Greenback and muted US yields. Silver saw its recent rally somewhat curtailed, although it managed well to keep business above the $30.00 mark per ounce.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD weakens to near 0.6200 ahead of Chinese Services PMI release
The AUD/USD pair softens to near 0.6210 during the early Asian session on Monday. The rising bets that the Reserve Bank of Australia will be compelled to start cutting interest rates exert some selling pressure on the Australian Dollar.
USD/JPY eyes multi-month top amid divergent BoJ-Fed policy outlook
USD/JPY remains close to a multi-month high touched in December amid the BoJ's cautious approach towards raising interest rates and a bullish USD, which shot to a multi-year top on the back of the Fed's hawkish outlook. Bulls, however, might wait for a breakout through a two-week-old range.
Gold holds below $2,650 as traders await fresh catalysts
Gold price struggles to gain ground near $2,640 during the early Asian trading hours on Monday. The stronger US Dollar after the US ISM Manufacturing Purchasing Managers Index weighs on the yellow metal.
Week ahead: US NFP to test the markets, Eurozone CPI data also in focus
King Dollar flexes its muscles ahead of Friday’s NFP. Eurozone flash CPI numbers awaited as euro bleeds. Canada’s jobs data to impact bets of a January BoC cut. Australia’s CPI and Japan’s wages also on tap.
Week ahead – US NFP to test the markets, Eurozone CPI data also in focus
King Dollar flexes its muscles ahead of Friday’s NFP. Eurozone flash CPI numbers awaited as euro bleeds. Canada’s jobs data to impact bets of a January BoC cut. Australia’s CPI and Japan’s wages also on tap.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.