July 04, 2024 at 08:59PM
French poll puts National Rally well short of absolute majority
A Fed official highlighted ‘some warning signs the real economy is weakening’ Here are two
Preview: June non-farm payrolls by the numbers — the headwinds are starting to blow
ECB accounts show some mixed views on confidence towards inflation outlook
Markets:
US equities and fixed income closed
WTI crude oil up 13-cents to $84.06
Canadian 10-year yields up 3.6 bps to 3.60%
Toronto TSX Comp up 0.1%
AUD and JPY lead, USD lags
Bitcoin down $1193 to $58,354
It wasn’t as quiet as you might expect for a US holiday, perhaps because the day was sandwiched between a poor ISM services number and tomorrow’s jobs report. Add in the political uncertainty in the US and French and UK elections and there is plenty to think about.
The result was some US dollar selling early in the day that continued through European trading before tapering off as London went home. The market challenged some interesting levels with GBP and AUD coming close to the highs of the week while USD/CAD touched the lowest in a month with the help of resilient oil prices.
USD/JPY may finally be getting some help from a slowing US economy and longs could be covering ahead of non-farm payrolls. The pair finishes the day down a half-cent in a rare win for the bears.
Cable is in focus with polls closing at 10 pm local time (in about 1 hour) but the momentum for the past two days has been recovery in GBP with the result generally a foregone conclusion.
Politics is certainly something everyone is thinking about with betting sites putting it close to 50/50 on whether Biden drops out. There are a dozen offshoots of that and it’s what everyone will be watching over the weekend.
This article was written by Adam Button at www.forexlive.com.
