Market Insight
Daily Analysis: President Trump Rounds Off A Successful Month With A 'Birthday Present' For America
Reece Dye
Head of Corporate Clients
Our daily analysis of EUR, GBP and USD.
DAILY ANALYSIS
USD
- A successful month for US President Donald Trump has reached a climax with his ‘big, beautiful bill’ being passed. A signing ceremony will take place today which in President Trump’s words ‘could be no better birthday present for America’.
- A mixed bag of employment data for the US yesterday, saw markets remain in limbo.
- Average Hourly Earnings MoM read at 0.2% vs 0.3% expectation
- Average Hourly Earnings YoY read at 3.7% vs 3.9 expectation
- Nonfarm Payrolls printed higher at 147k vs analyst forecast of 110k
- ISM Services PMI printed in expansionary territory at 50.8 vs 50.5 forecasted and 49.9 last time out.
- Today is US Independence Day, 4th of July celebrations so no high impact data to come this afternoon.
GBP
- A quiet end to the week for GBP on the data front with no high impact data to report both today and yesterday.
- GBP has stabilized following the wobble seen early in the week as UK Chancellor Rachael Reeves reaffirms her commitment to the role.
- GBP/USD trades above 1.3650 once more.
- GBP/EUR remains under pressure below 1.1600
EUR
- European Commission president Ursula von der Leyen confirmed US-EU deal is ‘impossible’ before July 9th and sides are working towards a less details ‘agreement in principle’.
- ECB President Lagarde speaks throughout the day.
- German Factory Orders for May released earlier this morning posted heavily declines of 3% from previous, falling to -1.4%.
- Eurozone Producer Price Index for May improved from April’s figure of -2.2% but missed estimates at -0.6%.
- EUR/USD trades sideways at 1.1780
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