Major currencies remain stable so far today, with little change overall. Even USD/JPY is only seeing a range of around 100 pips, currently holding near 149.40. The pair continues to see choppy volatility in the past few sessions, particularly as US 10-year yields dip below 4%.
But the bigger story is the sell-off in stock markets. It came as a surprise after the US market opened yesterday, with technology stocks bearing the brunt of the declines.
That extends to today, too, and Amazon reporting weaker after-hours sales didn’t help. S&P 500 futures are down 0.8% with Nasdaq futures currently down 1.3%. In Asia, it’s the Japanese indices that have been hit hard. The Nikkei is down about 5% now as we look to the final hour of trading.
Looking ahead to the European session, it is likely to be more cautious and thoughtful. Traders and investors will be waiting for the US jobs report, and will have to assess things after that when Wall Street enters the fray. But one thing is for sure, markets will return to normal again, just like the summer slump days.
0630 GMT – Swiss CPI figures for July
0730 GMT – Swiss Manufacturing PMI for July
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.
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