ForexLive European FX news wrap: All quiet as the weekend looms
Forex news from the European trading session - 3 July 2020
- France's Macron appoints Jean Castex as prime minister
- ECB split brewing over flexibility of PEPP stimulus - report
- UK June final services PMI 47.1 vs 47.0 prelim
- Germany's Merkel: EU recovery fund negotiations are 'rocky'
- Eurozone June final services PMI 48.3 vs 47.3 prelim
- Germany June final services PMI 47.3 vs 45.8 prelim
- France June final services PMI 50.7 vs 50.3 prelim
- Germany's Merkel: We are preparing on every level for a no-deal Brexit
- French prime minister Edouard Philippe has resigned
- UK transport minister says to relax quarantine rules for around 50 countries
- NZD leads, GBP lags on the day
- European equities lower; E-minis down 0.1%
- Gold flat at $1,775.90
- WTI down 1.3% to $40.13
- Bitcoin flat at $9,080
It was a largely quiet session with nothing much for investors to work with, considering that US markets are closed in observance of the 4th of July festivities.
The week felt especially cut short following the US jobs report yesterday as well, and risk direction was rather lacking in trading today amid thinner liquidity conditions.
European equities sagged a little but aren't really tilting heavily in risk-off mode, thus not really giving much trading conviction on the day.
Major currencies are also largely rangebound, with EUR/USD seen around 1.1220-30 levels and AUD/USD ranging between 0.6925-40 for the most part during the session.
The pound eased slightly from 1.2460 to 1.2438 as German chancellor Merkel said they are preparing for a no-deal Brexit, but she has sounded that warning in the past.
Cable eventually got over the comment and is seen around 1.2450-60 again now.
It is likely going to be a rather quiet end to the week - not that it hasn't been - so I want to wish everyone a pleasant day and a great weekend ahead. For those in the States, a very Happy 4th of July weekend too!