July 04, 2024 at 06:03AM
Trading conditions today will be marred by the US holiday, so there might not be much in it. Major currencies are holding in tight ranges so far today after having seen the dollar ease slightly yesterday on the back of a softer US ISM services PMI here.
Meanwhile, equities continue to rip higher and that’s helping to set the mood here in Asia as well. The Nikkei is up to fresh record highs, rebounding strongly since the April dip as investors are arguably also losing faith in further BOJ tightening. But in the bigger picture, Wall Street is blazing the trail for global equities it would seem.
Looking to European trading today, there won’t be much to really shake up trading sentiment. Swiss inflation is the main highlight and that shouldn’t be too impactful. Headline annual inflation is set to hold at 1.4%, reaffirming the current SNB policy stance.
Besides that, there is the UK election to watch out for as voters start to head to the polling stations. The early results will only come in much later in the day but it is very much expected to be a one-sided affair. I shared some thoughts here.
0545 GMT – Switzerland June unemployment rate0600 GMT – Germany May industrial orders0630 GMT – Switzerland June CPI figures0730 GMT – Germany June construction PMI0830 GMT – UK June construction PMI
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.
This article was written by Justin Low at www.forexlive.com.
