Currencies Ignore Trump’s Comments on Manipulation, Bitcoin and Gold Consolidate

  • Currencies are stable amid the US holiday and despite Trump’s comments on manipulation.
  • There are few economic events today ahead of Friday’s Non-Farm Payrolls.
  • Bitcoin has consolidated around the highs, gold around the lows.

Here is what you need to know on Thursday, July 4th, European session:

– US President Donald Trump says that China and Europe are currency manipulators and some analysts say we should expect for something “big” such as intervention by the Treasury.

– Currencies are trading in a narrow range despite Trump’s comments and amid the US Independence Day holiday.

– The US and China have scheduled a call on next week to talk about trade.

– US stocks reached new highs on Wednesday despite weak data all-around – ADP NFP, ISM Non-Manufacturing PMI, and Factory Orders all fell short of expectations.

– Global bond yields have continued falling with the US 10-year below 2% and the German benchmark close to -0.40% – the ECB’s deposit rate.

– The economic calendar lacks any top-tier events today amid the US holiday and ahead of Friday’s all-important Non-Farm Payrolls.

– Bitcoin is consolidating its gains after it temporarily topped $12,000. Other cryptocurrencies are following the trend.

– Gold has stabilized in the low $1,400 after challenging the highs early on Wednesday.

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