Daily Market Update

Buck Down for the Week, Others Rise

July 03, 2020

Expect a mostly quiet day as markets are closed or operating at reduced hours as most Americans enjoy the observance of the national independence holiday.

Overview

Ranges are familiar to what we saw yesterday, with a slight positive tone for EUR and GBP as Brexit negotiation are said to have ended early, but with a more “constructive tone,” per officials.

Additionally, COVID-19 stats are faring better for the European region and the Pacific Rim, thus negating the buck any advancement based on good labor data. Australian and “Kiwi” Dollars remain on recovery mode with both reaching almost another half percent climb overnight. We shall see if any headlines today an impact have, but for the most part we look forward to a warm 4th of July weekend.

While most markets are closed tomorrow, currency markets will be open.  Tempus will be open with shortened hours.

 

What to Watch Today…

  • No major events scheduled for today

Complete Economic Calendar can be found here.

 

EUR

The Euro is closing the week basically even after experiencing some dips to the buck earlier this week. As we note on our July Currency Outlook, the shared currency has much merit behind its recent steady rise and still has room to grow as developments play out in the Euro-zone’s favor. A possible passing of the rescue package and a dramatic drop in hospitalization from the virus are key factors maintaining Euro prospects bright. We will also watch out for national idiosyncrasies as pointed out in the monthly article.

 

GBP

The Pound appreciated by 1.5% as July begins with news of friendlier Brexit talks and plans to revamp the U.K.’s infrastructure. We had foreseen the upward swing, and much aligned with our positive Euro sentiment, we forecast better things for Sterling as the Summer may play out to be a productive one. The July Outlook will be distributed and featured also on our website and social media.

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