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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Avatradescn Forex Platform]: Today's non-agricultural debut, the US dollar rose slightly before the non-agricultural data." Hope it will be helpful to you! Original content is as follows:
Early Thursday, July 3, trading activity in financial markets became sluggish as investors prepare for the key U.S. employment report in June, which will include unemployment, non-farm employment and wage inflation data. The U.S. Economic Calendar will also provide weekly unemployment claims data and the June Services Purchasing Managers Index (PMI) report by the Institute of Supply Management (ISM).
A day after starting on a bullish tone on Wednesday, the US dollar (USD) lost its recovery momentum in the U.S. session and closed with a slight gain. Data released by Automatic Data Processing (ADP) showed that private sector employment fell by 33,000 in June. The reading is significantly lower than market expectations of +95,000 after a record 29,000 increase in April. U.S. financial markets will be closed early on Thursday and will continue to be closed on Friday to celebrate the July 4 holiday. The U.S. dollar index remained relatively calm in the early European session and fluctuated up and down in a narrow range below 97.00. Meanwhile, House Republicans have not yet approved U.S. President Donald Trump’s tax cuts and spending bill.
Basic foreign exchange market trends:
Euro/USD fluctuated narrowly around 1.1800 after a slight decline on Wednesday.
GBP/USD stabilized at around 1.3650 after suffering a huge loss on Wednesday. UK government bonds and pound face heavy selling pressure during the European session on Wednesday after British Chancellor Rachel Reeves seemed noticeably upset during the PMQ as Prime Minister Keir Starmer refusedGuaranteed that she will remain in office until the next election. Later in the day, Stamer said Reeves would continue as Chancellor of the Chancellor “for a long time to www.aihuatrade.come”, eased concerns about political unrest.
The US dollar/JPY rose slightly in early Thursday, but was still below 144.00. Hajime Takata, a member of the Board of Directors of the Bank of Japan, said on Thursday that Japan is close to meeting its BOJ price target, but has not yet fully achieved, so a loose monetary policy needs to be maintained.
Bulle market fundamentals:
In the www.aihuatrade.commodity market, after Iran suspended cooperation with the United Nations nuclear supervisory agency, oil prices rose by 3% overnight and then fell. U.S. crude futures fell 0.7% to $66.93 a barrel, while Brent crude fell 0.8% to $68.56.
In early trading on Thursday, gold/USD remained at a consolidation phase above $3,350.
Analysis of major currency trends:
Euro: Euro/USD consolidates below the temporary top of 1.1829, and intraday bias remains neutral. The downside space of the retracement should be converted to support by the 1.1630 resistance level to bring another rebound. On the plus side, breaking through 1.1829 will target the 61.8% forecast of 1.0176 to 1.1572, from 1.1064 to 1.1927.
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