This is what you need to know to trade today Friday July 2:
The dollar is holding on to gains as tensions mount ahead of June’s NFP non-farm payroll figures. The OPEC + disagreement pushes oil prices higher as cryptocurrencies are losing ground. Concerns persist about the Delta variant.
The markets they are relatively stable in typical trade before payrolls before nonfarm NFP. The dollar holds most of its gains overall, while benchmark 10-year Treasury yields hover around 1.46%.
NFP: Investors expect an increase of 690,000 jobs in June, up from 559,000 in May. While ADP’s employment figures beat estimates, the employment component of ISM’s PMI Manufacturing Purchasing Managers Index fell below 50, reflecting a contraction.
However, the new reopening last month implies more hires in the leisure and hospitality sectors. An increase in the participation rate has also been observed, while wage growth may have slowed.
Watch:
Tapering: Patrick Harker, a member of the Federal Reserve, is the latest official to call for a reduction in the central bank’s bond purchase program. He joins other members who express upbeat views such as Robert Kaplan and Christopher Waller.
El raw WTI It hovers around $ 75, the highest level since 2018 after the OPEC + meeting failed to reach consensus on Thursday. Members led by Saudi Arabia and Russia meet again on Friday and will likely increase production by 400 to 500 thousand barrels per day.
The delta variant The coronavirus continues to spread, which could boost cases in Europe after a long decline in infections. Doubts persist about the ability of British tourists to travel to the continent. The EUR/USD it is trading below 1.1850 and GBP / USD around 1.3750, both close to the lowest levels since April.
Cryptocurrencies They have been resuming their declines, with Bitcoin trading below $ 33,000 and Ethereum struggling around $ 2,000. Singapore regulators are scrutinizing Binance’s operations in the city-state, adding to the pressure.
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