As market participants await the results of the UK general election, attention is expected to gradually shift towards the release of US Non-Farm Payrolls on July 5, following a dull session that saw low volatility and unusual trading conditions in response to the US Independence Day holiday.
Here’s what you need to know on Friday, July 5:
The USD Index (DXY) remained trapped within its multi-session downtrend, once again approaching the 105.00 area. Non-Farm Payrolls and the unemployment rate will be in the spotlight on July 5, along with a speech by John Williams, President of the New York Fed.
EUR/USD gained momentum and extended the recent break of the 1.0800 figure. On July 5, German industrial production will be released first, followed by retail sales in the broader Eurozone and speeches from ECB’s Elderson and Nagel.
GBP/USD kept its bullish stance well in place for yet another session and traded near monthly highs north of 1.2700, all ahead of the UK general election results. Halifax-tracked house prices are due out on July 5, ahead of the BBA mortgage rate and BoE’s Benford speech.
USD/JPY retreated sharply amid a sell-off in the Dollar and sluggishness in the US money market. On July 5, the Japanese agenda will include household spending and preliminary readings of the coincident index and the index of leading indicators.
The AUD/USD pair kept its bullish bias well in place and revisited the three-month highs zone beyond the 0.6700 level. Final retail sales will only be released in Australia on July 5.
WTI prices added to Wednesday’s advance and flirted with recent monthly highs beyond the $84.00 per barrel level as traders assessed the sharp drop in US crude oil inventories and further weakness in the dollar.
Gold prices alternated between gains and losses around the $2,360 region following another negative day for the Dollar and muted US yields. Silver saw its recent rally somewhat limited, although it managed to hold well above the $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.
