Marketwatch North America

Daily Insights
July 2, 2024

Overnight market performance signaled a moderate shift to ‘risk-off’ sentiment, led by a stronger dollar, lower treasury yields and lower equities. The dollar is higher against 8/10 of the G10 pairs, the primary gains vs. NOK, SEK, NZD, and CHF. The dollar index is -0.04% at 105.858, near the high end of its 4-month 104.00/106.50 range.

Treasury yields are lower in most tenors, the biggest declines centered around the 5-year which is down 0.034%. The 10-year yield is -0.028 basis points at 4.432%, a minor drop compared to its latest 2-week gain of 0.258 basis points.

Events on the U.S. economic calendar are sparse today, but several key reports are lined up for tomorrow and Friday (no reports are scheduled for the 4th of July holiday on Thursday). Tomorrow’s reports include Mortgage Applications, ADP Employment Change, Trade Balance, Initial & Continuing Jobless Claims, Factory Orders, Durable Goods, and capped by the FOMC Meeting Minutes from June 12th. Friday’s data is centered around Change in Nonfarm Payrolls for June, estimated +195k vs. 272k previous.

Fed Chairman Powell speaks today at a central bank policy forum alongside ECB’s Lagarde.

Economic Calendar

CAD - Manufacturing PMI
AUD - Monetary Policy Meeting Minutes
EUR - ECB President Lagarde Speaks
JPY - 10-y Bond Auction
USD - Fed Chair Powell Speaks
EUR - Spanish Unemployment Change
USD - JOLTS Job Openings
EUR - Italian Monthly Unemployment Rate
USD - RCM/TIPP Economic Optimism
USD - Wards Total Vehicle Sales
EUR - Core CPI Flash Estimate y/y
EUR - CPI Flash Estimate y/y
EUR - Unemployment Rate
NZD - GDT Price Index

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 161.744 161.456
eur/usd 1.07385 1.07098
gbp/usd 1.26737 1.26153
aud/usd 0.66603 0.6634
usd/cad 1.37551 1.37164
eur/gbp 0.84955 0.84702
usd/mxn 18.4933 18.2828
Equities and Commodities
S&P 500 5465.49
NASDAQ 19769.9
DOW 39100.2
GOLD 2326.31
SILVER 29.37

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.