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Market Reports

8:26am, July 5th 2019

Super-subdued session, final trading day of the week should see things heat up…

Thursday proved to be one of the most quiet trading sessions of recent times. With the US away from their desks observing Independence Day, market conditions were ultra-thin. However, not many had expected the extremely restricted trading ranges we saw across the day. Essentially, both the GBPUSD and GBPEUR pairs traded in 0.1 cent ranges for the whole of the European session. A dull day would be an understatement!

However, the US return to their desks today and are faced by what will be one of the most crucial non-farm payroll reports of recent times. Following last month’s weak number, accompanied by a string of soft data releases, speculation is rife that the Federal Reserve are going to lower interest rates to provide stimulus to the economy. Today’s report will go a long way in helping the Fed decide whether it’s appropriate to do so at their next meeting which falls at the end of July.

Estimates are for 160K jobs to have been added to the US economy in the month of June. The unemployment level is set to remain steady at 3.6%. If the report produces anything around these numbers then the greenback should have a reason to bounce. The data, at present, simply hasn’t been bad enough to confirm an interest rate decrease this month, a solid jobs report would very much back up this idea. The data will be released at 1330 and should create some volatility across FX markets, please speak to your Cornhill contact to place any market or call orders.

Have a good weekend.

Written by Viv Savani. 8:26am, July 5th 2019

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

8:35am, July 9th 2019

Quiet day in forex land…

View Report
9:01am, July 10th 2019

Big day for financial markets!

View Report
8:47am, July 3rd 2019

UK construction PMI hits worst level since 2009…

View Report

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