Dollar dips ahead of US holiday

Daily Update - 4th July 2018

Yesterday’s Market

• USD Factory Orders (May)
• GBP PMI Construction (June)
• CAD Markit Manufacturing
• EUR ECB’s Praet Speech

Yesterday’s focus

Euro edged higher against the dollar in the US session on Tuesday as dollar fell in thin pre-holiday trading, as investors consolidated recent gains and focused less on trade tensions, raising the market's risk appetite and prompting some flows into other currencies such as the euro and Australian dollar. The Japanese yen strengthened against the dollar on Tuesday as greenback fell as investors awaited minutes of the U.S. Federal Reserve's June meeting and jobs data that should confirm whether policymakers will raise interest rates twice this year.

Today’s Market

• EUR Markit Services PMI , Markit Services Composite
• GBP Markit Services PMI
• JPY BOJ Board Member Harada Speech

Today’s Focus

On Wednesday brings a continuation of the Markit PMIs that have been printing this week. It's going to be a quiet session on the US side, with American institutions shuttered for the July 4th holiday, and traders will be looking towards Friday's Non-Farm Payrolls to give markets a quick volatility boost to cap off the week.