There is no opening trade call today as we head into the weekend. The Greek referendum is on Sunday and we advise against holding positions over the weekend due to this risk. Today is expected to be a light session given the US holiday. Services PMI from the UK is one piece of data that may prompt a reaction in sterling. Read through my analysis of a current Forex market sentiment to be up-to-date with the latest market changes.
Current Forex Market Sentiment:
Yesterday's US employment numbers were worse than expected. Especially average earnings which saw no growth for the month of June. Considering the poorness of the figures, the USD failed to see a sustained sell-off which is partly due to today being a holiday in the US and a general reluctance in the market to open new positions ahead of the weekend. Additionally, the Greek referendum encourages traders to be flat over the weekend.
Today's Asia-Pacific session saw Australian Retail Sales miss estimates at 0.3% versus 0.5% expected. GBPAUD rallied 210 pips from session lows after release. HSBC Services PMI from China also missed estimates which has contributed to downside in the Aussie dollar.
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