On Wednesday, June 30th, here’s everything you need to know:
The US dollar is losing momentum amid end-of-quarter flows and ahead of the ADP jobs report, as markets remain calm. Inflation numbers from the Eurozone and remarks by Fed officials are also being watched.
Flows at the end of the quarter: Investors appear to cash in on some of their greenbacks on the last day of the month and the quarter after the Federal Reserve’s engineered dollar rise in mid-June. Stock markets, on the other hand, are still at record highs, while gold is consolidating at around $1,755, its lowest level since April.
Members of the Federal Reserve have been giving confusing signals. While Governor Christopher Waller has advocated for a reduction in bond purchases, Thomas Barkin of the Richmond branch believes that further economic improvement is required. On Wednesday, Barkin will speak once again.
The private-sector jobs report from ADP is expected to indicate a 600,000-job growth in June, down from the 978,004 reported in May. Following the start of the pandemic, the link between ADP’s numbers and government statistics has decreased.
ADP Nonfarm Payrolls: A Look Ahead: Going against the grain? What is the best way to trade this leading indicator?
Ahead of the announcement of preliminary inflation numbers for June, the EUR/USD is trading around 1.19. The headline Consumer Price Index is expected to fall from 2% to 1.9 percent, while the Core CPI will fall from 1% to 0.9 percent.
As concerns over the Delta variant’s spread linger, the GBP/USD is trading at 1.3830. Andy Haldane, a member of the Bank of England, will talk later in the day. The final first-quarter GDP figures revealed a decline of 1.6 percent quarter-on-quarter, compared to 1.5 percent previously reported.
Prior to the announcement of Canada’s April GDP report, the USD/CAD is trading at about 1.23. The AUD/USD is trading over 0.75, boosted by positive Chinese Purchasing Managers’ Indexes.
Cryptocurrencies: After benefiting from institutional interest earlier in the week, Bitcoin is now trading around $35,000. Ethereum’s recovery is coming to a halt.
Do you think this article is interesting? Fill out the following survey to provide us with some feedback:
Continue reading
