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Market Recap
In a subdued start to the week, U.S. equity indices remained largely flat. U.S. 10-year yields fell slightly by 2bps to 4.17%, and crude oil saw a decline of 1.7%, closing at $75.90 a barrel. The AUD/USD traded within a narrow range of 0.6524 to 0.6568 before settling around 0.6545/50.
During the London session, the greenback traded off its highs, with the antipodes trading 10 points above their lows of 0.6452 (AUD/USD) and 0.5876 (NZD/USD). The EUR/USD and GBP/USD climbed back above 1.0830 and 1.2840, respectively. The USD/JPY maintained its range, trading between 153.60/90. In the New York morning session, the USD firmed across the board, pushing AUD/USD to lows of 0.6524 and NZD/USD to 0.5858. The EUR/USD dipped to just above 1.0800, while the USD/CAD rose to 1.3865.
Day Ahead
Today’s economic calendar includes several releases, although none are expected to be market-moving.
In Japan, the unemployment rate for June is anticipated to remain steady at 2.6%. Recent labor market data have shown mixed results, with solid PMI employment indices but a slight decline in job openings and offers.
In the Eurozone, GDP growth for Q2 is likely to be +0.2% quarter-on-quarter, slightly slower than the +0.3% growth in Q1. Composite PMI data for Q2 suggest modest growth, led by the services sectors, including retail trade. However, manufacturing activity is expected to have contracted further, with construction activity likely dragging on growth following unexpected growth in Q1.
In the US, job openings have been on a sharp decline since peaking in March 2022, though there was a slight increase in May. For June, markets will look for signs that this declining trend has stabilized.
AUD/USD continues to trade within the 0.6524/68 range, with key levels remaining intact. Demand is seen at 0.6460/80, while offering interest is noted above 0.6700.
Economic Data to Watch
- Japan: June Jobless Rate
- Australia: June Building Approvals (m/m)
- Eurozone: July Final Consumer Confidence, Q2 GDP (SA q/q)
- United States: May FHFA House Price Index (m/m), May S&P CoreLogic Case-Shiller 20-City (y/y NSA), July Conference Board Consumer Confidence, June JOLTS Job Openings
Disclaimer
The information provided in this daily market update is for informational purposes only and should not be considered as financial advice. Trading Forex and CFDs involves significant risk of loss and may not be suitable for all investors. Past performance is not indicative of future results. CA Markets does not guarantee the accuracy or completeness of the information provided, and we recommend consulting with a qualified financial advisor before making any trading decisions. Users are solely responsible for their own trading activities and decisions.
