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Canadian dollar update – Friday July 3, 2020. US markets closed, FX markets nap.

Canadian dollar update – Friday July 3, 2020. US markets closed, FX markets nap.
Arif Harji
by Arif Harji on July 03, 2020

CURRENCY MARKET UPDATE

FX & market recap:

Global markets took a breather overnight, mostly because US markets are closed today. Asia equity indexes closed with gains across the board, following the lead from Wall Street.

European bourses drifted in and out of positive territory and gold, and oil prices were steady. Traders continue to be cautious. The Washington Post reported that a record 55,200 COVID-19 cases were reported on Thursday. President Trump dismissed the news, tweeting, “There is a rise in Coronavirus cases because our testing is so massive and so good, far bigger and better than any other country. This is great news, but even better news is that death, and the death rate, is DOWN. Also, younger people, who get better much easier and faster!”

The President touted yesterday’s 4.8 million job gains in June, tweeting, “JOBS, JOBS, JOBS! #MAGA.” He forgot to mention that America was still down 14.7 million jobs since February. Recent events, and Coronavirus outbreaks suggest a rather different result for July, a view supported by continued claims at 19.3 million, higher than the week before.

Canadian dollar highlights:

USD/CAD traded sideways in a tight range overnight. The currency pair continues to be locked in the 1.3350-1.3700 range that contained price action in June. Domestic economic data is not a factor for traders who take their cue from US dollar sentiment. There are not any Canadian or US economic releases today.

Euro highlights:

In Europe, EUR/USD is adrift in the middle of its 1.1220-1.1248 range, despite better than forecast German and Eurozone Services PMI data. The single currency remains trapped in its well-defined 1.1170-1.1350 range, needing a break either side for direction.

British pound highlights:

GBP/USD is consolidating losses after rejecting another move above 1.2520 resistance area. Sterling is also suffering from reports of serious difference between EU and UK on trade.

Asia Pacific highlights:

USD/JPY flat-lined in a 107.45-107.56 band, as concerns about new COVID-19 outbreaks in the US offset improved risk sentiment.

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