4 July Economic News
The EUR/USD range is expected to continue for a while until the release of US jobs data. The potential rebound of EUR/GBP and EUR/AUD may be limited. It remains uncertain whether the quarterly CPI will influence the RBA’s stance.
The future trajectory of UK services PMI is uncertain. Concerns have been raised about the Bank of England’s overexuberant market pricing.
The gold price is currently stable due to the inactivity of the US dollar, but the Australian dollar has weakened following the Reserve Bank of Australia’s decision to maintain its cash rate at 4.10%.
Despite some hawkish comments from the European Central Bank, there was minimal impact on the Euro. This unforeseen development resulted in a decrease in the value of the Australian Dollar, falling below 0.6650. The RBA attributed this decision to the unreliable monthly Consumer Price Index (CPI).
