July 10, 2024 at 05:52AM
The kiwi is the main mover among major currencies so far today, following a more dovish RBNZ earlier here. Besides that, we’re seeing narrow ranges all around with light changes ahead of European trading. What else is new, eh?
Fed chair Powell was in the spotlight in trading yesterday but he didn’t offer up much of anything. His speech was all about maintaining the status quo, with markets still expecting ~49 bps of rate cuts by year-end currently. As such, the dollar didn’t have much to work with as well from that.
Wall Street ended with a more mixed mood but stocks remain buoyed in general, especially tech shares. The S&P 500 and Nasdaq both continue to hold at record highs, with the former up over 2% on the month and the latter nearly 4%.
Looking to the session ahead, there’s not going to be much catalysts for market moves. As such, the overall risk mood will remain a key driver but there might be some tentative tones as we move closer to the main event tomorrow.
The US CPI report for June is the big attraction this week. And that will provide markets with something to work with towards the latter half of the week.
1100 GMT – US MBA mortgage applications w.e. 5 July
I wish you all the best of days to come and good luck with your trading! Stay safe out there.
16 – With his goal yesterday, Lamine Yamal is now the youngest goal scorer in Euros history at 16 years and 362 days. Wonderkid.
This article was written by Justin Low at www.forexlive.com.
