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The US Dollar eases further after relatively dovish Fed Minutes. The focus will be across the Atlantic, with the UK heading to the voting booth. The US Dollar index bounces off 105.00, though selling pressure builds.  The US Dollar (USD) and  US markets are closed due to Independence Day, though the break is more than welcome with very poor US economic data performance, which triggered some Dollar devaluation in its turn. Despite the public holiday, there is much to digest with several outside events occur on Thursday. The main event that will be building up towards the weekend will be the United Kingdom’s election outcome, where an end to the reign of the Tories party is forecasted after 14 years of being in power.  On the US economic front, an empty calendar ahead, though, as mentioned above, outside data and headlines will drive the Greenback. German Factory Orders already came in at the lowest end of expectations, shrinking -1.6% in May. In addition, the rather disappointing data from Wednesday will still weigh on the US Dollar, with limited upside potential expected for the Greenback.  Daily digest market movers: Election resuls by midnight UK citizens are heading to the voting booth. Early results are not expected until late evening and overnight. However, exit polls and comments from key politicians could generate headling in due time. Keeping an eye on the Cable (GBP/USD) will be key for the remainder of the week.  The New York Times proclaimed that US President Joe Biden is considering withdrawing from the Presidential race.  The US Federal Reserve Minutes showed the same message as markets heard over the past few weeks: more data is needed to confirm inflation is coming down. However, the Federal Open Market Committee (FOMC) is divided on how long rates need to stay elevated. …

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Filed under: News - @ July 5, 2024 12:10 am