ADP, ECB’s new head & July 4th
The publication of data on employment in the US private sector from ADP was the main even. Considering that official statistics from the US Department of Labor will be published tomorrow, traders and other financial market participants are expressing interest in. Analysts had expected growth in May (140K) however, the number is + 102K, only. On the one hand, the data is lower than forecast, on the other hand, it is significantly higher than the previous frankly disastrous numbers (recall that last month the increase was 27K, only). Well, this is a rather alarming signal. Also yesterday, data on the US trade balance was published (- $ 55.5 billion with a forecast $ 54.0).
Our recommendation is “sell the dollar”. Especially, if you remember Trump's attack on the dollar. Traditionally, in Twitter, the President of the United States called for the devaluation of the dollar.
And about the weak UK business activity data (Composite PMI index went below 50, that is 49.7), which increased the downward pressure on the pound. It’s too late to sell the pound and too early to buy. A similar index was published in Eurozone. The situation there is better (52.2 with the forecast 52.1). So, euro purchasing is not a bad idea ( on the intraday basis).
Ms Lagarde was honored to have been nominated for the ECB presidency. According to experts, Lagarde will adhere to a stimulating monetary policy aimed at ensuring economic growth in Europe. So, the euro might be under pressure.
We expect low liquidity in financial markets due to a holiday in the USA (Fourth of July – Independence Day). The “weak” market may well surprise in the form of volatility explosions, so today it is worth trading with caution.
Our trading recommendations for today: we will continue to look for points for dollar sales as well as the Russian ruble. Since AUDUSD has finished the day with a 0.7020 mark, we do not sell it, duo to further growth. Sell oil. As for gold, today we are working without obvious preferences on the oscillator signals.
Our recommendation is “sell the dollar”. Especially, if you remember Trump's attack on the dollar. Traditionally, in Twitter, the President of the United States called for the devaluation of the dollar.
And about the weak UK business activity data (Composite PMI index went below 50, that is 49.7), which increased the downward pressure on the pound. It’s too late to sell the pound and too early to buy. A similar index was published in Eurozone. The situation there is better (52.2 with the forecast 52.1). So, euro purchasing is not a bad idea ( on the intraday basis).
Ms Lagarde was honored to have been nominated for the ECB presidency. According to experts, Lagarde will adhere to a stimulating monetary policy aimed at ensuring economic growth in Europe. So, the euro might be under pressure.
We expect low liquidity in financial markets due to a holiday in the USA (Fourth of July – Independence Day). The “weak” market may well surprise in the form of volatility explosions, so today it is worth trading with caution.
Our trading recommendations for today: we will continue to look for points for dollar sales as well as the Russian ruble. Since AUDUSD has finished the day with a 0.7020 mark, we do not sell it, duo to further growth. Sell oil. As for gold, today we are working without obvious preferences on the oscillator signals.
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