The Dollar traded slightly on the defensive against the backdrop of another session of subdued price action in the FX galaxy. Meanwhile, Fed Chair Jerome Powell and ECB President Christine Lagarde left no room for surprises in their panel discussion at the ECB Forum. Meanwhile, investors are bracing for a slew of US data releases on Wednesday, along with the FOMC Minutes, ahead of the US Independence Day holiday and the UK general election on July 4.
Here’s what you need to know on Wednesday, July 3:
The Dollar Index (DXY) maintained its bearish stance for the fourth consecutive session, albeit sailing in tight ranges and always below the 106.00 hurdle. A busy calendar on July 3 will see the release of Weekly Mortgage Applications first, followed by ADP Employment Change and Trade Balance. Additionally, Initial Jobless Claims will be released ahead of the S&P Global Final Services PMI, Factory Orders, ISM Services PMI and FOMC Minutes.
EUR/USD advanced modestly and revisited the 1.0750 area amid a broad-based and subdued price action in global markets. On July 3, the ECB Forum will enter its third day, while the final HCOB Services PMI in Germany and the Euro bloc will be released.
All was flat except GBP/USD on Tuesday as the pair managed to print marked gains and extend its rally for the fourth consecutive session. The final S&P Global Services PMI is due out on July 3.
USD/JPY advanced modestly on Tuesday, though it was enough to reach another multi-decade high in the 161.70–161.75 band. The final release of Jibun Bank’s Services PMI is expected on July 3.
AUD/USD remained sidelined in the sub-0.6700 region, managing to partially fade the negative start to the week. In Australia, the Ai Group Industry Index is due for release on July 3, ahead of the final Judo Bank Services PMI and preliminary readings of building permits and retail sales.
WTI prices rose to fresh three-month highs north of the $84.00 per barrel mark, only to give back all those gains and return to sub-$83.00 levels towards the end of the American session on Tuesday.
Gold prices navigated in a tight range near $2,330 per troy ounce amid the broadest consolidation phase in place since mid-May. Silver, on the other hand, posted decent gains and extended its rally for another session, once again targeting the key $30.00 per ounce level.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
