EUR/USD Strong Buy - Featured Currency and Technical Analysis (15-Minute Chart) July 3, 2024

EUR/USD Strong Buy

EUR/USD is showing a consolidation pattern around 1.0740. Ahead of Independence Day, traders are refraining from opening new positions. Investors are awaiting the June employment report, with non-farm payrolls expected to decrease from 272.0K to 190.0K, average hourly earnings to decrease from 4.1% to 3.9% year-over-year, and from 0.4% to 0.3% month-over-month. The unemployment rate is expected to remain unchanged at 4.0%. Additionally, today's US ADP employment report and the FOMC minutes are attracting attention. In the Eurozone, the producer price index statistics will be released, providing insight into the inflation situation along with the consumer price index.

GBP/USD Strong Buy

GBP/USD is showing sideways movement around 1.2685. Market participants are waiting for new drivers ahead of Independence Day. Key events today include the US services PMI, ADP employment report, and FOMC minutes. The ADP employment report is expected to show an increase in jobs from 152.0K to 160.0K, while the services PMI is expected to decrease from 53.8 points to 52.5 points. In the UK, the S&P Global services PMI is scheduled for release, with no change expected from 51.2 points.

NZD/USD Strong Sell

NZD/USD is trading mixed around 0.6075. Weak economic indicators from China are putting pressure on the New Zealand dollar. The June Caixin services PMI in China fell from 54.0 points to 51.2 points, while the manufacturing PMI increased from 51.7 points to 51.8 points. Market participants are closely watching remarks from Jerome Powell, Chair of the Federal Reserve. Powell has emphasized that there is sufficient time and resources to stabilize the economy and curb consumer price increases.

USD/JPY Strong Buy

USD/JPY is showing a stable upward trend, attempting to break above 161.85. There is a possibility that the Bank of Japan (BoJ) will announce the end of its support for the government bond market, which could lead to an increase in bond yields. Today's Japanese manufacturing PMI decreased from 49.8 points to 49.4 points. In the afternoon, the US ADP employment report and the FOMC minutes will be released.

XAU/USD Buy

XAU/USD is showing sideways movement around 2330.00. Investor activity is subdued ahead of Independence Day. Key events today include the US ADP employment report and the FOMC minutes. Jerome Powell, Chair of the Federal Reserve, has warned against excessive expectations of interest rate cuts, despite indicating that the economy is gradually moving towards deflation.