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US indices unmoved due to holiday
Index futures were little changed overnight with Wall Street closed for the Independence Day holiday. Today focus shifts to the US nonfarm payroll report for June.
US30USD Daily Chart
The US30 index edged marginally higher yesterday amid muted activity, closing higher for a sixth consecutive day
The 100-day moving average at 26,031 and the 55-day average at 26,095 are on a convergence path, with a crossover possible by the end of next week
The US economy is expected to have added 160,000 jobs in June, higher than May’s disappointing 75,000. Unemployment is seen unchanged at 3.6% while average hourly earnings are forecast to rise 0.3% m/m.
DE30EUR Daily Chart
The Germany30 index drifted lower from 11-month highs yesterday, lacking direction from a closed Wall Street
The index is still managing to hold its advance above the 78.6% Fibonacci retracement of the May-December drop last year at 12,581. The 55-day moving average is at 12,189
Germany’s factory orders are expected to decline 0.1% m/m in May, the latest survey of economists suggests. ECB’s De Guindos is scheduled to speak again today.
UK100GBP Daily Chart
The UK100 index is hovering near more than 10-month highs, encouraged by Wall Street at record highs, though with one eye on the Tory party leadership race, with final voting kicking off from tomorrow
The index is testing the 78.6% Fibonacci retracement of the May-December drop last year at 7,613
A survey published by an employers group, the Institute of Directors, has shown that British businesses have turned more gloomy about the economy amid a deepening political crisis and the uncertain future of Brexit.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
A seasoned professional with more than 30 years’ experience in foreign exchange, interest rates and commodities, Andrew Robinson is a senior market analyst with OANDA, responsible for providing timely and relevant market commentary and live market analysis throughout the Asia-Pacific region. Having previously worked in Europe, since moving to Singapore he worked with several leading institutions including Bloomberg, Saxo Capital Markets and Informa Global Markets, proving FX strategies based on a combination of technical and fundamental analysis as well as market flow information. Andrew began his career as an FX dealer with NatWest and the Royal Bank of Scotland in the UK.
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