- The US dollar is inching higher as markets await key events and data releases over the coming days. Month end related volatility is also expected to help the greenback as we await the Fed’s policy meeting over the next two days and upcoming labor market reports. The yen is softer against the dollar this morning as the BoJ kicked off its two-day policy meeting as markets price a 35% chance that the central bank will raise its policy rate.
- The single currency continues to move sideways, with EURUSD consolidating in the 1.08-1.09 range as investors await the release of German and Spanish CPI along with Eurozone GDP data this morning. Range trading is likely in the coming days with markets looking for fresh direction from the Fed or US employment data in the coming days.
- The attention shifts to the US this afternoon as we await the release of the first tranche of labor market data, in the form of the JOLTs survey. A cooling labor market suggests that the number of job openings have fallen in June. Markets will also focus on this afternoon’s US Consumer Confidence report, which is expected to have deteriorated slightly in July. High interest rates, softer employment conditions and concerns over the outlook are weighing on consumer sentiment with today’s print expected to come in at 99.5, down from last month’s 100.4.
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