US Market Closure
ECB Rhen (Hawk, Non Voter): "Further Stimulus now needed"
Not a whole lot to discuss today amid a lacklustre session marked by thin trading volumes on US Independence Day. Most of asset classes price action was contained by relatively tight ranges amid lack of volumes and most traders awaiting tomorrow US Job report.
Global Equties traded flat amid thin volumes, with most of the attention on tomorrow NFP release. SP500 remained above the 3000 mark, nice gift to Mr. Trump on Independence Day. European shares are also enjoying their Goldilock, with Italian assets still flying amid positive political development and lower yields euphoria.
FX traded flat ahead of tomorrow NFP. Notably, we had dovish comments from ECB Rhen (Hawk, Non Voter), sparking some initial sell-off in the EUR later contained by the 1.3350 level, also support from yesterday. The rest of the G10 USD counterparts followed similar patters in a relatively choppy fashion.
Oil traded sideways, consolidating around the 57 level amid lack of fresh drivers Gold traded slightly in negative territory firmly above the 1410 level.
Global Yields kept dropping today adding more with only the Italian 10Y retracing a touch up to 1.65%. All eyes on NFP tomorrow. Find below all the pieces of the puzzle
If you missed the morning briefing from the desk click HERE