US Independence Day.
The euro dollar forex EURUSD forecast for today 04/07/2019
Today we can be baptized as the "calm before the storm" as the output States. Tomorrow we will get the latest labor market data for June, and leading indicators point to a negative output of the release. First, the ADP figure is 89 thousand. Below the average for the last twelve months. First, from the time in June ISM was 2% lower than the previous year. Against this background, Non-Farm figure could be worse than expected median (164 thous.), Which will increase the likelihood of the US Federal Reserve lowering interest rates. Already, the futures market in Chicago indicates a two-fold reduction in rates at the meetings of 31 July and 18 September. Many central banks to cut interest rates this year, and the Fed will join colleagues in this month, that will negatively affect the value of the euro. Today you can expect moderate growth of quotations of the single European currency.
EUR / USD recommendation: Buy 1.1275 / 1.1260, and take profit 1.1301
Pound dollar forex forecast pair GBPUSD today 07/04/2019
The GBP / USD pair today a mixed background. On the one hand, you can expect a decrease in quotations of the British currency against the background of the negative dynamics of the credit market, where the yield on 10-year UK government bonds is reduced in relation to their counterparts in the US and Germany. UK PMI Composite Index fell below the critical line of 50% in June, the first time since July 2016, when a referendum was held on BREXIT. Negative data reinforced market expectations on the need to reduce interest rates by the Bank of England's meeting on 19 September. On the other hand, the weak macroeconomic statistics from the United States on employment reinforces expectations of investors about the Fed lowering interest rates. A vicious circle - both the central bank may cut interest rates, and it is negative for the pound and the dollar.
GBP / USD recommendation: flat 1.2540 -1.2630
The dollar yen pair USDJPY Forex forecast for today 04/07/2019
Traders in the USD / JPY pair today in the first half of trading should expect growth on the background of positive dynamics of the stock markets. On the eve of the major US stock indexes together established fresh record highs, and the index of "fear" the VIX fell to a minimum for the last two months. Today, Asian and European markets will be to win back the "bull rally" in North America. Then, we will observe a quiet trade on the background of the day in the United States. Investors will take a wait and see attitude before tomorrow's release on employment in the United States.
USD / JPY recommendation: Buy 107.68 / 107.50 and take profit 108.00