Forex Market Report - 2nd August 2024
Our forex market report offers an overview of critical economic and financial events that impact the global forex markets. Traders should closely monitor developments to fine-tune their trading strategies accordingly.
DNA Markets
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1. U.S. Employment Data Release
- Non-Farm Payrolls: Expected to show moderate growth, influencing USD strength.
- Unemployment Rate: Forecasted to remain stable; deviations could impact market sentiment.
- Average Hourly Earnings: Watch for any uptick as it may signal inflationary pressures.
2. Eurozone Inflation Figures
- CPI Data: Anticipated to confirm persistent inflation, affecting ECB's policy outlook.
- Core Inflation: Closely monitored for signs of underlying inflation trends.
- Market Reaction: EUR could see volatility based on inflation readings and ECB commentary.
3. Bank of England Interest Rate Decision
- Rate Hike Expectations: Market pricing in a potential rate hike to combat inflation.
- Economic Projections: Updates on growth and inflation forecasts will be critical.
- GBP Volatility: Significant movements likely around the announcement and subsequent press conference.
4. China Trade Balance Report
- Export Data: Decline expected due to global demand slowdown, impacting CNY and commodity currencies.
- Import Data: Insights into domestic economic health and commodity demand.
- Market Impact: Key for assessing global trade dynamics and risk sentiment.
5. U.S. Treasury Yield Movements
- 10-Year Yield: Recent uptick influencing USD and broader financial markets.
- Inflation Expectations: Monitoring yields for signs of changing inflation outlook.
- Risk Appetite: Higher yields could weigh on equities and riskier assets, benefiting safe havens.
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