As markets approach the typically quieter summer trading days, today’s economic data should provide participants with something to focus on. June services purchasing managers index reports will be released from across the globe. For many developed economies, the services sector is the main area that makes up the bulk of output. This is particularly true in the UK’s case.
Today’s European releases will be scattered across the morning session. With US participants returning to action after their Independence Day holiday celebrations, we should see higher levels of volatility than what Monday produced.
Overnight, the Reserve Bank of Australia has increased interest rates by 50 basis points, up to 1.35%. The Aussie dollar is flat after the decision.
Written by Viv Savani. 8:50am, July 5th 2022
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