Forex Outlook July 5th 2021

GBPUSD triple bottom at 1.3740 triggered a 100 pip recovery.

Friday’s Non-Farm Payroll for June beat expectations by 150K. However, the better headline number was offset by an increase in the unemployment rate.
The result of Friday’s numbers was a drop in the USD. Partly on profit-taking. Another possible cause was liquidity drying up due to the July 4th long weekend in the USA.

The liquidity issue may come to the fore again tonight as US markets remain closed.

Data this week will be dominated by the release of the FOMC minutes for June on Wednesday night.

However, today we will see some PMI numbers for Services from the EU and UK.

Tomorrow the Reserve Bank of Australia meet to set monetary policy. No change in interest rates is expected. All the volatility will come from the statement and Governor Lowe’s press conference.

Later in the day, Germany will publish the ZEW business survey. The US will release the ISM non-manufacturing survey for June, expect a number of 63.5.

Wednesday will see the US release its JOLTs (job openings) for May and the FOMC minutes.

Thursday, we will see the ECB monetary policy statement. US weekly jobless claims.

Friday will bring UK GDP and Manufacturing Production.

Good Luck this week.

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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