July 08, 2024 at 06:18AM
The dollar was dragged lower after the US job report on Friday here. The headline figure belies the softer details and markets eventually picked up on that to punish the greenback. Equities ripped higher as bond yields fell, as the hot start to July trading continues for stocks.
There are some key technical considerations now as a result of the reaction to the labour market figures. AUD/USD is sticking with a breakout to its highest since January, eyeing the highs then around 0.6850-70. Meanwhile, GBP/USD is looking to its June high of 1.2860 next while EUR/USD is hoping to hold a break above 1.0800 and its key daily moving averages.
As for USD/JPY, it is weighed lower but still keeping above the 160.00 mark for now at least. That is a spot that buyers might lean on as the pressure against the yen is still rather evident in the bigger picture.
Looking to European trading today, there won’t be much on the data docket to really shake things up. Traders and investors will have much time to ponder on the French election results. I shared some thoughts on that here. Don’t expect a quiet week in general though as we will have the US CPI report coming up on Thursday. That is going to be a big one to watch for markets.
0600 GMT – Germany May trade balance data0800 GMT – SNB total sight deposits w.e. 5 July0830 GMT – Eurozone July Sentx investor confidence
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
495 – Toni Kroos completed 495 passes in this year’s Euros with a passing accuracy of 95%. The next highest on the list is John Stones, with 412 passes. Kroos also tops the list as the player with the most touches, most progressive passes, most passes into the attacking third, most key passes, and most line-breaking passes. Sadly just not this one trophy, maestro. Wishing you a happy retirement.
This article was written by Justin Low at www.forexlive.com.
