US dollar index is holding to recent levels awaiting for more direction ahead of Nonfarm payrolls data from the US later this afternoon. Much of the majors also look numb ahead of US/China tariffs set to come into effect on Friday.
US Nonfarm payrolls is for the month of june, and is considered an important health check of the US labour market. The US is expected to have created 195K jobs throughout the month of June and the unemployment rate is widely expected to have remained at 3.8%.
EURUSD is currently trading at 1.1690, well within this week’s trading range. This week has rather been non impressive and realtively flat so far, however we will have to see what comes out of today’s major events before actually closing the week.
The US is set to start collecting tariffs on $34 billion in chinese goods and all eyes will be on how China and the global markets will react to this.
GBPUSD peaked to a weekly high of 1.3275 yesterday but has eased off to 1.3218 at the time of writing. Yesterday’s rise was fueled by the BoE governor Mark Carney’s comments that expressed confidence that the economic slowdown was temporary. The move however was short lived ahead of a government’s Brexit meeting due on Friday.
