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Home > Market Watch > EU & UK News > Tue July 2, 2024

Daily Insights
July 2, 2024

  • The US Dollar advanced last night and Treasuries extended losses as traders weigh the possibility of another Donald Trump presidency. The greenback continues do edge higher this morning ahead of Federal Reserve Chair Jerome Powell’s speech at the ECB Forum in Sintra, Portugal, as traders continue to evaluate political risk across Europe and the United States.
  • The DXY trades near 106 fuelled by a jump in US yields overnight, and a more significant advance could be pending on what the panel of central bankers say at the Sintra forum, as well as any developments around the next round of French voting this weekend.

 

  • The euro continues to decline versus the US Dollar to trade around 1.0730 and is under pressure as markets show concern about the potential majority win of Marine Le Pen’s far right party, which could be far worse for the pair than a hung parliament.
  • Germany inflation showed that its recovery is stalling with consumer prices advancing to 2.5% in the month of June (YoY), from the previous 2.8% in May (YoY). Today European investors shift their attention to the Euro-area inflation print which should take a step further towards the 2% target in June, following a surprising reading in the last month.

Economic Calendar

02 Jul 2024
:
AUD - Monetary Policy Meeting Minutes
:
JPY - 10-y Bond Auction
:
EUR - Spanish Unemployment Change
:
EUR - Italian Monthly Unemployment Rate
:
EUR - Core CPI Flash Estimate y/y
:
EUR - CPI Flash Estimate y/y
:
EUR - Unemployment Rate
:
CAD - Manufacturing PMI
:
EUR - ECB President Lagarde Speaks
:
USD - Fed Chair Powell Speaks
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USD - JOLTS Job Openings
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USD - RCM/TIPP Economic Optimism
:
USD - Wards Total Vehicle Sales
:
NZD - GDT Price Index

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.84955 0.849
gbp/usd 1.26472 1.2631
gbp/aud 1.90433 1.89945
gbp/nzd 2.08897 2.08386
usd/jpy 161.744 161.456
eur/usd 1.07385 1.07268
gbp/jpy 204.38 204.079
eur/cnh 7.84552 7.8348
usd/cnh 7.30903 7.3002
Equities and Commodities
Nasdaq 100 19790.2
DOW 39152.7
S&P 500 5474.24
BRENT CRUDE 86.74
WTI 83.59
GOLD 2329.96

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.

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