Entering into US session, Sterling is trading as the strongest one for today. UK scored a hat-trick of PMI upside surprise in June and added to the case for August BoE rate hike. Yen followed as the second strongest as global investors remain on the defensive side. US Section 301 tariffs on China and the latter’s retaliation is set to start on July 6. Euro is trading as the weakest one for no apparent reason. Canadian Dollar is the second weakest as WTI crude oil dips back below 74 handle.
Trading is actually rather subdued this week. Yen is the generally stronger one as seen in weekly Top Mover table. But we’re talking about less than 50pips difference from prior week’s close, except EUR/JPY.
Action Bias table is also generally neutral for Dollar pairs. With US on holiday, World Cup having two days of rests before quarter final, it’s time to have a break today.
