- Wall Street sentiment remains optimistic, with the Nasdaq closing yesterday’s session at a fresh all-time high, powered by gains in Big Tech stocks. Donald Trump did not confirm The New York Times report and stated that, for now, he has not decided to dismiss Fed Chair Jerome Powell, although he remains open to resolving the matter in that direction.
- European index futures are also on the rise, and Asian markets saw positive momentum, however overall session volatility was even lower than the US
- Among major currency pairs, AUD/USD showed the highest volatility, retreating over 0.5% following weak Australian labor market data. EUR/USD is down 0.1%, reflecting the Dollar’s stabilization after yesterday’s sell-off, while USD/JPY gains more than 0.4%.
- In Australia, the unemployment rate for June rose to 4.3%, above the expected 4.1% and matching May’s 4.1%. Employment change came in at just 2,000 jobs, well below the forecast of 20,000 and only slightly above the previous -2,500 figure. Labor force participation stood at 67.1%, slightly above the anticipated 67%. The weak report pressured the Australian Dollar lower. Aussie government bonds plunged, as markets increasingly price in a potential rate cut by the RBA in August.
- Commodity markets remain relatively calm this morning. In metals, gold prices are down 0.3%, and palladium is retreating 1%.
- In cryptocurrencies, Ripple (XRP) is outperforming, rising nearly 2.5% to $3.14 per token. Otherwise, crypto sentiment is muted despite optimism surrounding the new U.S. GENIUS Act, aimed at regulating the digital asset space.
- Trump softened his rhetoric towards China, reportedly aiming to secure a summit with President Xi and advance negotiations on a trade deal. Yesterday, Yesterday, the US president also mentioned plans to send formal letters to over 150 countries detailing new proposed tariff levels, which may range between 10% and 15%.
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