The July 4 holiday has meant very little going on, and almost all markets are pretty much where they were this time yesterday. Of note though, there was some action in the bond markets, with German 10-year yield reaching another record low of -0.410%, as expectations of an ECB easing continue to intensify, with ECB Governing Council member Olli Rehn calling for action now. In terms of data, the Eurozone retail sales fell by -0.3% mm in May, well below expectation of a rise of 0.4% mm and adds to the theme of an imminent rate cut.
Friday sees a rather thin calendar until the release of the NFP figures so it should be a quiet Asia/European session. As for the unemployment figures expectations are: Headline Rate 3.6%, NFP+160K, AHE+0.3%mm. Have a good weekend.
Economic data highlights will include:
Fri: Japan Leading Economic Index, Coincident Index, German Industrial Production, Factory Orders, US Jobs/NFP/Average Hourly Earnings data
Market moves, in brief:
FX: DXY 96.73 (-0.03%)
Bonds: US10Y; 1.95% (-0.30%), German 10Y; -0.399% (-3.83%), UK 10Y; 0.675% (-2.55%), Australian 10Y; 1.303% (+0.97%), NZ 10Y; 1.525% (-1.30 %), China 10Y; 3.22% (-0.87%)
Stock Indices: DJI; 0.00%, S+P; 0.00%, NASDAQ; 0.00%, EUStoxx50; +0.10%, FTSE100; -0.07%, Shanghai Composite; -0.33%,
Metals: Gold $1415 oz (-0.24%), Silver $15.28 oz (-0.17%), Copper $2.679 lb (-0.15%), Iron Ore $123.16 per tonne (NYMEX) (0.33%),
Oil: WTI $56.76 pb (-0.33%)
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