ForexLive Asia FX news wrap: Flatlines into the US holiday

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Friday 3 July 2020 

There was the usual mixture of negative and positive news out of the US into early Asia trade with a third day in a row of record new COVID-19 cases, but more promisingly the introduction of mandatory mask wearing measures in Texas, a current global hotspot for infections. There was plenty of other virus related news also, not just in the US (Tokyo recorded another 100+ new cases, for example).

Data releases centred upon services PMIs, these plummeted to a larger extent than did manufacturing PMIs and are now bouncing back. Australia released retail sales data for May, which surged after the collapse in April.

None of anything managed to move forex to much extent though, its all pretty much flat. USD/CAD looks a little precarious poised just above ragged support (short term chart).

Its a US market holiday on Friday which is likely to keep a lid on movement ranges for the balance of Friday barring some news of impact.

USD/CAD

Forex news for Asia trading Friday 3 July 2020 

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