The US dollar is still doing well on the week, but the majors aren’t really doing much. Only the Japanese yen is seen mostly weak, with USD/JPY currently at 161.60. The pair is up 0.5% on the week so far and is on track for a fourth straight weekly gain.
In equities, US stocks continue to rally, with technology stocks leading the charge once again. July has at least started well, but the main hurdle remains the US jobs report. In Europe, the mood is less upbeat, with French politics still in the spotlight ahead of the weekend.
Looking ahead to the session ahead, there may not be much to work on again. The overall risk sentiment remains subdued today while major currencies are not showing much appetite.
The EUR/USD pair is still largely stuck between major options expirations during the week, with more options expected to follow on Friday as well. This is likely to keep price action quieter between 1.0700 and 1.0800. Therefore, don’t expect much from today’s PMI data. However, these are final readings so they usually don’t carry much significance.
In the UK, it’s all about tomorrow’s general election, but the outcome is pretty much a done deal. Labour is the favourite to win a landslide. The key number to watch in terms of seats in the House of Commons is 326. Labour is expected to win any number higher than that, up to 470 seats. So that’s a pretty comfortable number.
0715 GMT – Spain June Services Index, Composite PMI
0745 GMT – Italy Composite Purchasing Services Index for June
0750 GMT – France June Final Services Index, Composite PMI
0755 GMT – Germany Final Services Index for June, Composite PMI
0800 GMT – Eurozone Final Services Index for June, Composite PMI
0830 GMT – UK June Final Services PMI Composite
0900 GMT – Eurozone Producer Price Index figures for May
1100 GMT – US MBA Mortgage Applications June 28
That’s all for the upcoming session. I wish you all a great day ahead and good luck with your trading! Stay safe out there.
2 – Donyell Malen is the first player to score two goals at this year’s European Championship. It’s an unforgettable achievement.