Dow Jones closed lower 132 points on Tuesday. The U.S. market was closed on Wednesday due to the Independence Day. Most Asian stock markets including SET traded lower on Wednesday.
The U.S. dollar has been weakening since Tuesday because of the pressure from US-China ‘trade war’, still there are no positive supporting factors and 10-year bond yield also decreased lower than 2.85 points. However, today is the rich day of U.S. economic data so U.S. dollar may get support from the strong economic factors. In my opinion, investors may concentrate their attention on the FOMC minutes to analyze the factors which were taken into consideration by FED on the last meeting.
Gold price retested the resistant line at 1,260 on Wednesday. Gold may hold steady above 1,250 dollar today await the 6th July when the United State and China will impose tariffs on import goods the same value 34 billion dollar.
Economic indices in focus:
• UK: BoE Gov Carney Speaks at 17.00 p.m.
• USA: ADP Nonfarm employment change (Jun) at 19.15 p.m., ISM non-manufacturing PMI (Jun) at 21.00 p.m., Crude oil inventories at 22.00 p.m. and FOMC Meeting Minutes at 01.00 a.m.+1Day.
By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.