On Thursday, July 1, here’s everything you need to know:
As a new quarter begins, the dollar remains strong, while stocks keep their highs. On a busy day on the calendar, the US ISM Manufacturing PMI is expected to rise, while OPEC+ is expected to increase output. Cryptocurrencies are on the decline.
Dollar strength has not been slowed by end-of-quarter flows, and the greenback’s gains are expected to extend into the next quarter. Despite a dip in 10-year Treasuries to 1.47 percent, the currency is strengthening. Gold has made a strong comeback, returning to levels reached earlier in the week of $1,780. The S&P 500 Index had its best first half since 1998.
The ISM Manufacturing Purchasing Managers’ Index is expected to remain above 60, indicating significant industrial expansion. The employment component will be watched by investors as a precursor to Friday’s Nonfarm Payrolls, while the Prices Paid statistic will be used to predict inflation.
Although ADP’s job numbers were stronger than expected, markets largely ignored them. Weekly unemployment claims are likewise expected to be close to last week’s levels.
ISM Manufacturing Forecast: Although expansion is expected to continue, how serious is the labor shortage?
The EUR/USD is trading below 1.1850 ahead of the announcement of the eurozone’s unemployment rate and final manufacturing PMIs for June. The euro area’s inflation numbers indicated a modest reduction on Wednesday.
Before Bank of England Governor Andrew Bailey’s public appearance and Chancellor Rishi Sunak’s highly anticipated Mansion House address, the GBP/USD is trading closer to 1.38. Sunak is expected to present an economic vision.
More Predictions for June Nonfarm Payrolls in the United States: Examining the reactions of major pairings to NFP unexpected
In their summit, OPEC+ countries led by Saudi Arabia and Russia are likely to declare a 500 million barrel per day increase, although uncertainty remains high. The price of WTI Crude Oil is now hovering around $73. The Canadian currency is benefiting from a rise in oil prices as well as better-than-expected growth in the Canadian economy.
Cryptocurrencies have been falling in value, with Bitcoin falling below $34,000 and Ethereum falling below $2,200. Dogecoin, the cryptocurrency favored by Tesla CEO Elon Musk, is notable for its tremendous volatility.
More Four reasons why June’s jobs data could be a downer for the dollar
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