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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Review]: Tonight's "small non-farm" hit, and the US dollar rebounded slightly before the data was released." Hope it will be helpful to you! The original content is as follows:
Earlier Wednesday, July 2, the US dollar (USD) remained flexible against other currencies, and the US dollar index rebounded to 97.00 after closing in the negative zone for seven consecutive trading days. Later in the day, the June private sector employment report released by Automatic Data Processing (ADP) will appear in the U.S. Economic Calendar.
On Tuesday, the Senate passed the Big Beauty Act of U.S. President Donald Trump, which includes permanent extension of the tax cuts in 2017, after Vice President JDVance made a rare tie-breaking vote. The bill has now been brought to the House of Representatives and will eventually return to the White House by July 4. U.S. stock index futures rose slightly in early European trading on Wednesday, reflecting optimistic market sentiment.
Fed Chairman Jerome Powell reiterated on Tuesday in a speech at the Policy Group meeting of the European Central Bank Forum that as long as the economy remains sound, they need to be patient with policy easing.
Euro/USD hit a multi-year high of 1.1830 on Tuesday, but gave up some of its daily gains and closed up slightly higher. Earlier on Wednesday, the pair remained sluggish, trading below 1.1800. Eurozone data showed that the unemployment rate rose slightly from 6.2% in April to 6.3% in May.
The GBP/USD rose slightly on Tuesday and remained at a negative value area around 1.3700 in the European session on Wednesday. BankofEngland Governor Andrew Bailey reiterated on Tuesday that they saw theThe labour market is showing signs of weakness.
The USD/JPY gained traction after recording a decline on Monday and Tuesday and tested 144.00. U.S. President Donald Trump said late Tuesday that he is considering the possibility of increasing tariffs on Japan and will not extend the July 9 deadline for self-imposed collection of reciprocal tariffs currently suspended.
Gold swings between moderate rises/slight declines in the first half of the European period, and remains below the weekly high touched the previous day. The dollar has gained some positive traction and now appears to have ended its seven-day straight decline to its lowest level since February 2022, which in turn has become a drag on the vifu.netmodity.
Euro: Euro/USD is biased toward upward intraday, forecasting 1.0176 to 1.1572 from 1.1064 to 1.1927, with a forecast of 61.8%. On the downside, a secondary support level below 1.1709 will turn intraday bias into neutral and lead to consolidation. But the downside space should be controlled above the 1.1452 support level to bring another rebound.
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