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📈Forex Trading Strategies, Morning Market movers, Gold, Oil & Dollar

Good morning traders!

Today, we have an overview of the forex market and morning market movers.

Asian shares followed the downward trend set by Wall Street on Thursday. Investor sentiment was affected by the hawkish signals from the Federal Reserve's latest meeting minutes. This led to a decline in equity benchmarks in Japan, Australia, South Korea, and Hong Kong, while mainland China shares remained relatively stable. Tokyo's Topix index is experiencing a third straight drop, erasing some of its 20% rally this year. Hong Kong's Hang Seng index traded as much as 1.4% lower.

In the US stock market, the S&P 500 declined by 0.2%, while the Nasdaq 100 had a smaller fall of less than 0.1%. Contracts for these indices edged lower in early Asian trading as investors awaited US jobs data, which could provide insights into future interest rates.

Yields on Australian and New Zealand government bonds rose to 2023 highs following the gains made by their US counterparts on Wednesday. Australia's trade balance also exceeded estimates in May, reaching $11.8 billion due to increased exports.

After reaching high yields in the previous session, Treasury yields stabilized in Asia. These levels represent the highest seen since March and were driven by the Fed minutes, which revealed divisions among policymakers regarding the decision to pause in the central bank's June meeting. Voting members are now expected to raise rates this month.

The release of various US employment reports on Thursday and Friday will be crucial for the market. The JOLTS report, which measures job openings, is anticipated to show a tapering of available positions, while another report on jobless claims is expected to indicate a cooling labor market.

Treasury Secretary Janet Yellen's visit to Beijing to repair US-China relations is expected to impact market sentiment, particularly concerning trade tensions.

The central banks of Malaysia and Sri Lanka will announce their interest rate decisions on Thursday, which could affect their respective currencies and broader emerging market sentiment.

Chinese investors are depositing dollars offshore and purchasing Hong Kong insurance, indicating a lack of confidence in the domestic economy and putting further pressure on the weakening yuan.

British hedge fund trader Anthony Patterson, accused of facilitating Cum-Ex tax trades that defrauded the Danish treasury, will be held in a Danish jail until his trial later this year.

Today's key events include US initial jobless claims, trade, ISM services, and job openings, as well as a speech by Dallas Fed President Lorie Logan on the policy challenges for central banks at a CEBRA meeting.

Now let's turn our attention to specific market movers:

- Oil steadied as traders assessed the impact of supply cuts from OPEC+ and a US industry report pointing to another drawdown in nationwide commercial inventories. The aim of these cuts is to stabilize oil prices, which have been affected by China's lackluster economic recovery and tighter monetary policy in the US and Europe.

- Gold prices steadied after falling due to the minutes of the Federal Reserve's June meeting, which indicated support for more rate hikes. Rising interest rates negatively impact non-yielding assets like gold. Despite worsening economic conditions, investors have shifted to the dollar as a preferred safe haven.

- Copper prices steadied amid a weaker demand outlook caused by worsening economic conditions and rising interest rates. Weak economic data from China and potential escalation in the Sino-US trade war add further pressure on copper.

- The American Petroleum Institute estimated a decline in US crude inventories, with official figures set to be released later today.

We hope this overview helps you navigate the forex market and make informed trading decisions. Stay updated on economic indicators, central bank actions, and geopolitical risks. Happy trading!

📈 Morning Brief: Forex Trading Strategies, Morning Market Movers, Gold, Oil & USD

Thursday, July 6

- Coca-Cola Europacific Partners (CCEP) and Levi Strauss & Co. (LEVI) report earnings

- U.S. Trade Balance (May)

- Challenger Job Cuts (Jun)

- ADP National Employment Report (Jun)

- Job Openings and Labour Turnover Survey (JOLTS) Report (May)

- S&P Global Composite PMI - Final Reading (Jun)

Friday, July 7

- U.S. Nonfarm Payrolls (Jun)

Overall, staying informed about global economic trends, geopolitical events, and market developments is crucial for making well-informed investment decisions. Monitoring key economic indicators, central bank actions, and geopolitical risks can help navigate the ever-changing landscape of the global economy and financial markets.

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