Today, the major currencies are relatively stable, with small fluctuations continuing. Market participants are eagerly awaiting key US data this week, as the European session appears to be a bit quiet for now. Let’s take a look at the current ranges for dollar pairs and how they are performing.
Looking ahead, the focus will be on the UK labor market data scheduled to be released. It is expected that the jobless rate will increase once again, which could raise concerns for the Bank of England. The projected reading for June stands at 4.5%, compared to 3.8% in December. However, there have been some concerns about the accuracy of the data due to ongoing issues with the Office for National Statistics (ONS) methodology.
As the labor market conditions continue to deteriorate, this could push the Bank of England towards considering rate cuts in the future. The upcoming data releases include the UK June ILO unemployment rate, employment change, average weekly earnings, and payrolls change, which will provide further insights into the state of the UK labor market.
Additionally, other economic indicators to watch out for include the Spain July final CPI figures, Germany August ZEW survey on current conditions and economic sentiment, and the US July NFIB small business optimism index. These data points will give a broader picture of the global economic landscape and could impact trading decisions.
In conclusion, as we navigate through the current market conditions, it is essential to stay informed and vigilant. The upcoming data releases will play a crucial role in shaping market sentiment and guiding trading strategies. Wishing you all the best in your trading endeavors and remember to stay safe in these uncertain times.
