Published: 02/07/2024 By ECAP
The British Pound managed to stay above ground against the majority of its peers yesterday following the release of the UK’s finalised manufacturing index data for June. Although the survey was revised lower, falling from 51.2 to 50.9 rather than rising to 51.4, the index remained in expansion territory (a score over 50) and continued to point to an upward trend in the UK manufacturing sector.The Euro continues to edge higher after results from the first round of French elections suggested the far right would beat President Emmanuel Macron but fall short of winning an outright majority in parliament. Looking forward, investors will closely watch the preliminary Eurozone Harmonized Index of Consumer Prices data for June, which is due later today and could influence the Euro’s price dynamic.
The U.S. Dollar steadied in Asian trade after rebounding from recent losses, with more cues on the Fed and U.S. interest rates due this week. In fact, Fed Chair Jerome Powell is set to speak at today’s European Central Bank conference, while the minutes of the Fed’s June meeting are due tomorrow. Moreover, key nonfarm payrolls data for June is due on Friday and is set to offer more insight into the labour market.
Data supplied by GC Partners