Previous Day's Market Highlights
Sterling-euro again held within the 1.13-1.14 band. Sterling-dollar gave up the 1.32 level ahead of the UK’s Services PMI release, but regained it after the print surprised to the upside. Euro-dollar lost ground within the 1.16-1.17 band. It last broke 1.17 on 26 June. Sterling made gains against the commodity currencies.
Otherwise it was a fairly quiet calendar day as the US celebrated Independence Day, and exchange rates reflected this.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
Today's Market Highlights
The schedule picks up pace again today. Bank of England Governor Carney speaks today (11:00 BST) in Newcastle. The tone of his comments will be key—an upbeat tone would be sterling positive, while a more cautious tone would likely weaken the pound.
In the afternoon, the US is back in focus with the release of ADP Employment Change (13:15). A stronger figure is expected in June than in May, which could strengthen the dollar ahead of Friday’s NonFarm Payrolls print. The US also releases the ISM Non-Manufacturing PMI (15:00) and, in the evening, the Fed’s June meeting minutes (19:00). The Fed raised rates in June, as expected, and projected a median of four hikes this year. Markets will look for further insight into the Fed’s outlook, and the risks to or likelihood of those additional two hikes being realised.
Today's Economic Calendar
|11:00am||GBP||BoE Governor Carney Speaks|
|1:15pm||USD||ADP Employment Change (Jun)||190K||178K|
|1:15pm||EUR||ECB's Mersch Speaks|
|1:30pm||USD||Initial Jobless Claims (30 Jun)||225K||227K|
|2:45pm||USD||Markit Services PMI (Jun)||55.4||56.5|
|3:00pm||USD||ISM Non-Manufacturing PMI (Jun)||58.3||58.6|
|4:00pm||USD||EIA Crude Oil Inventories (29 Jun)||-3.538M||-9.891M|
|7:00pm||USD||Fed Meeting Minutes|