Traders pare back their dovish bets on the Fed after the positive NFP reportTrump says countries have to start paying tariffs on 1 AugustMore on Trump saying he'll begin sending tariff letters on FridayChina issues final ruling on EU brandy probe, to impose duties up to 34.9%OPEC+ meeting has been moved to Saturday 5th of July due to Ashura holidayECB's Lagarde: We will do whatever we must do to reach inflation targetECB's Villeroy: Euro appreciation has a clear disinflationary effectEurozone May PPI -0.6% vs -0.5% m/m expectedItaly May retail sales -0.4% vs -0.7% priorGermany May industrial orders -1.4% vs -0.1% m/m expectedGermany June construction PMI 44.8 vs 44.4 priorUK June construction PMI 48.8 vs 48.4 expected
Markets:
JPY leads, AUD lags on the dayEuropean equities lower; S&P 500 futures down 0.6%Gold up 0.3% to $3,336.22WTI crude down 0.9% to $66.42Bitcoin down 0.8% to $109,100Trump was up late yesterday, announcing that he will be sending letters to about 10 to 12 countries today on higher tariffs to start with. That will continue on through to next week. Those tariffs are to go into effect from 1 August though, so there is still time between now and then for things to change.
In FX, the dollar is giving back much of its gains following the stronger US non-farm payrolls data from yesterday. EUR/USD is back up around 1.1775 while USD/JPY is down 0.4% to 144.30 levels on the day. USD/CHF is also seen down 0.2% to 0.7930 currently.
All in all, it points to the dollar's strength yesterday as not really changing the bigger picture by much. As we look to next week, the focus will turn back to trade headlines and we'll have to see how the dollar hangs in there again after having been pressured consistently in the months before when markets have kept their attention on the US administration's policy incoherence and unpredictability.
This article was written by Justin Low at www.forexlive.com. Read More Details
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