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Stocks are bid and the dollar is down amid new hopes for a coronavirus vaccine and mixed data leading to Thursday’s all-important Non-Farm Payrolls. Investors are shrugging off record US infections and re-closing in several states.
One of the market boosters on Wednesday came from new hopes for immunization. Pfizer and BioNTech said their initial trial in discovering a vaccine was successful, and that it is ramping up efforts.
EUR/USD is trading above 1.1250, rising amid the dollar’s weakness, marginally better PMIs, and the upbeat coronavirus situation in the old continent. Eurozone unemployment rate is due out on today.
GBP/USD bounced from the lows, extending their end-of-quarter bounce and despite Brexit and coronavirus uncertainty.
USD/JPY consolidates the bounce around mid-107s, as investors remain wary amid a better risk sentiment, coronavirus concerns and broad US dollar weakness.
Gold retreated from its attempts to top $1,800 seen earlier in the week. The precious metal is set to move in response to the Non-Farm Payrolls. Prices of the WTI keep navigating within a tight range amidst rising volume and declining open interest, leaving the consolidative view unchanged in the near-term at least. U.S. crude was off 12 cents at $39.70 a barrel.
The US jobs report for June is due on Thursday due to Friday’s Independence Day holiday. An increase of around three million jobs is on the cards for June after around 2.5 million in May, extending the recovery after losing approximately 20 million in April. The unemployment rate is set to drop from 13.3% to 12.3%.