With U.S. markets closed, investors should be on the lookout for sudden spikes in volatility
04.07.2024
- U.S. markets closed for a holiday
- Swiss Employment Statistics
In U.S. currency trading the previous day, the U.S. dollar fell against the yen after the number of new U.S. unemployment insurance claims, released yesterday, rose to 1.858 million from 1.839 million the previous week, and the U.S. June ADP employment figure, also released on the same day, deteriorated to 150,000 from 152,000.The USD/JPY pair fell from 161.950 to 160.759. The 75-period moving average on the hourly chart acted as support, and the pair subsequently rebounded. Since it has not managed to surpass yesterday’s high during today’s Asian trading session, traders should remain cautious regarding price movements during U.S. trading hours.
European currencies rose, with the euro gaining against the yen after the European Union’s May Producer Price Index (PPI), released yesterday, improved year-over-year from the previous month’s -5.7% to -4.2%.The euro/yen pair rose from 173.315 to 174.514. The price moved along the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the uptrend along the 10-period MA continues.
Today’s economic indicators include Australia’s trade balance at 10:30, Switzerland’s employment report at 14:45, Germany’s new manufacturing orders at 15:00, Switzerland’s consumer price index at 15:30, and the UK’sConstruction PMI, at 27:00 the Brazilian trade balance, and at 20:30 the release of the minutes from the European Central Bank (ECB) Governing Council meeting. Following yesterday’s shortened trading session, U.S. markets will be closed today. Please be on high alert for sudden spikes in volatility.
