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Market Update 5/07/2024

Welcome to our daily market update, where we help keep you informed on the latest happenings in the world of FX.
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The AUD/USD gains for a third consecutive day trading at  0.6734. The release of US Nonfarm Payrolls  for June will be the focus on Friday, along with the speech by the Federal Reserve’s  John Williams.

Non-Farm Payrolls for June will be released today. This will be a key focus for markets and could impact monetary policy expectations. Last month’s report showed a dispersion between the two underlying surveys. Consensus expects the unemployment rate to be stable at 4.0% and for another solid non-farm payrolls gain of 188k.F

inally, in Canada the Labour Force Survey for June is out today as well. The results of this release will impact expectations for the BoC at its upcoming July meeting, particularly after a strong CPI reading for the month. 
Consensus expects the unemployment rate to continue to move higher and for employment growth to be subdued at just 25k.

Despite AUDUSD breaking out of the 0.6400-0.6700 range, it is yet to meaningfully continue with the move hence we look for sellers to remain interested upto 0.6750. Buyers are having their patience tested and we see 0.6680/90 as the starting place for their activity.

Economic data to watch out for.

• AU – May. Trade Balance
• UK – Jun. New Car Registrations y/y
• UK – Bank of England Bank Liabilities/Credit Conditions
• UK – Jun. DMP 1 Year CPI Expectations
• UK – Jun. S&P Global UK Construction PMI 
• EU – ECB Publishes Account of June Policy Meeting
• CA – Jun. S&P Global Canada Composite PMI

Mid market rates.

Currency PairMid-market rate


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