Analysts at ANZ Bank New Zealand LTD, (ANZ), explained that with US markets closed for the Independence Day holiday, market activity was generally quiet and the USD consolidated despite an early push lower.
Key Quotes:
“There was no reaction to the final euro area PMI data, which recovered on a composite basis, driven by a firmer assessment of service sector activity last month. But late in the session, the euro pared back previous losses on news that some ECB policymakers are uneasy about expectations that the policy interest rate will not increase until December 2019.”
“European bond yields rose, while equities languished.”
“The DAX fell 0.3%, the CAC 40 was little changed and FTSE 100 was off 0.3%.”
“WTI was up 0.3% and is trading at $74.3/bbl.”
“Saudi Arabia has pledged to boost supply, but US stockpiles fell.”
“Gold rose 0.2%.”
“The market will be looking ahead to a busy end of the week, with Federal Reserve minutes released, US payrolls data out, and the first round of US tariffs set to come into effect with China poised to impose countermeasures.”
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