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Independence Day Leaves Markets Subdued

It’s the 4th July, which is a public holiday in the US, which has left the European/US trading sessions subdued with minimal data points. On Thursday there was the unusual occurrence of a Thursday release for the US employment report, Non-Farm Payrolls, released alongside, initial jobless claims, continuing jobless claims and Draghi’s ECB press conference.  

US equity markets were buoyed by the strong employment figures, with the headline number of jobs added being +288,000 in June. Following the release of the employment figures the USD strengthened in the FX markets, however the move in Cable was short-lived.

GBPUSD hourly chart Source: Abshire-Smith

The lack of economic releases and US traders being away from their desk for a long weekend, has left volumes subdued with markets held in relatively tight ranges. 

Draghi

At the European Central Bank press conference, President Mario Draghi reiterated that he will keep interest rates low, to help revive the Eurozone economic growth.

Mario Draghi’s introductory remarks from Thursday press conference can be found on the Bloomberg website.

See the adjustment to trading hours for the 3rd and 4th July, if you have any further questions please contact us

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