Today, the highlight is likely to be the US employment report for June as investors try to figure out how aggressively the Fed may proceed with cutting rates, after it signaled that it would “act as appropriate” to sustain economic expansion. Apart from the US report, we get jobs data from Canada as well. A decent report could keep BoC officials’ hands away from the cut button, at a time when most of the other major central banks are already cutting rates, or signaled they could do so soon.
MARKETS AWAIT THE US AND CANADIAN EMPLOYMENT REPORTS
The dollar traded in a quiet fashion yesterday, staying in small ±0.20% ranges against most of its G10 counterparts. The exceptions were NZD and SEK, against which it gained more.
Although there was not much activity in the FX sphere, in the equity world, indices continued to gain, with most major EU and Asian ones closing in the green. US markets were closed yesterday in celebration of the Independence Day. It seems that bets...