US Payrolls Steal the Spotlight in Today's Forex Market
Money | July 5, 2024, 3:13 a.m.
As market participants eagerly anticipate the results of the UK general elections, attention is turning to the upcoming release of US Nonfarm Payrolls on July 5. The trading session following the US Independence Day holiday saw minimal volatility and unusual trade conditions, with the USD Index (DXY) remaining within a bearish trend near the 105.00 neighbourhood. The focus on July 5 will be on key economic indicators like the Nonfarm Payrolls, Unemployment Rate, and a speech by the Fed’s J. Williams. EUR/USD has broken out above 1.0800, while GBP/USD maintains a bullish stance before the UK election results. USD/JPY retreated amidst a Dollar sell-off and inactivity in the US money market. Meanwhile, AUD/USD remains strong and WTI prices climb following a drop in US crude oil stockpiles. Gold and Silver prices fluctuate around $2,360 and $30.00 respectively, reacting to Greenback weakness and muted US yields.