U.S. stock markets are closed Friday in observance of Independence Day. Both the New York Stock Exchange (NYSE) and NASDAQ will be closed on Friday. Overall trading becomes a bit subdued as the US is on holiday and expects low and unusual volatility in the global markets today.
The U.S. non-farm payrolls report is one of the most important data scheduled for release later today. NFP measures employment levels in the United States that does not include farm workers, private household employees, or non-profits. The consensus is for an increase of 3 million non-farm payroll jobs, and for the unemployment rate to decrease to 12.3%.
European stocks and EUR/USD trading lower on Wednesday despite the release of the upbeat economic data. Germany Manufacturing PMI climbed higher to 45.2 in June of 2020 from a preliminary of 44.6 and 36.6 in the previous month and the German jobless rate ticked lower to 6.4% in June. While German retail Sales expanded at a monthly 3.8% during May, the biggest increase since February.
Gold price headed for a third straight monthly gain and in this quarter gold is up more than 12% in global markets. During the previous week, the yellow metal gained almost 1.4%, driving investors toward the safe-haven metal. The gold price surged to 8 – year high this month as demand for the safe-haven asset was boosted by worries over a surge in Covid-19 infections and the price also supported by intensified tensions between the US and China, over the China-India border clash.
The British pound trading lower against the Dollar and Euro on Monday as Brexit trade talks resume this week. On Monday, Britain’s chief negotiator Frost will meet in person EU’s deputy chief negotiator Martinez Alberola in Brussels for the first time since March.