Forex Today: The US Payrolls takes centre stage

July 4, 2024 7:30 pm

While market participants wait for the results of the UK general elections, attention is expected to gradually shift to the release of US Nonfarm Payrolls on July 5, following a dull session that witnessed marginal volatility and unusual trade conditions in response to the US Independence Day holiday.

Here is what you need to know on Friday, July 5:

The USD Index (DXY) remained stuck within its multi-session bearish trend, approaching once again the 105.00 neighbourhood. The Nonfarm Payrolls and the Unemployment Rate will be at the centre of the debate on July 5, along with the speech by the Fed’s J. Williams.

EUR/USD picked up pace and extended the recent breakout of 1.0800 the figure. On July 5, Germany’s Industrial Production is due in the first turn, seconded by Retail Sales in the broader Euroland and speeches by the ECB’s Elderson and Nagel.

GBP/USD maintained its bullish stance well in place for yet another session and traded at shouting distance from monthly peaks north of 1.2700, all ahead of the results of the UK general election. House Prices tracked by Halifax are due on July 5, ahead of the BBA Mortgage Rate and the speech by the BoE’s Benford.

USD/JPY retreated markedly amidst the Dollar’s sell-off and the inactivity in the US. money market. On July 5, the Japanese docket will include Household Spending, and the preliminary readings of the Coincident Index and the Leading Economic Index.

AUD/USD kept its upside bias well in place and revisited the area of three-month highs past the 0.6700 mark. The final Retail Sales are only due in Oz on July 5.

Prices of WTI added to Wednesday’s advance and flirted with recent monthly highs past the $84.00 mark per barrel as traders assessed the sharp drop in US crude oil stockpiles and the extra weakness in the dollar.

Prices of Gold alternated gains with losses around the $2,360 region following another negative day of the Greenback and muted US yields. Silver saw its recent rally somewhat curtailed, although it managed well to keep business above the $30.00 mark per ounce.

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