Here is what you need to know on Wednesday, July 1:

 The market dumped the greenback in the last trading day of the quarter, although major pair remained within familiar levels for a third consecutive week. The EUR/USD pair is ending June pretty much unchanged just above 1.1200

US Federal Reserve chair Powell testified before the House Financial Services Committee. He referred to the “extraordinary uncertainty” to the economic outlook related to the ongoing pandemic but added that some macroeconomic figures are pointing in the right direction, as the economy entered a new phase sooner than expected. His comments underpinned equities.

The GBP/USD pair recovered towards 1.24, despite Brexit-related headlines indicating the UK is heading into a no-deal exit. EU’s chief negotiator Michel Barnier accused the UK of making unacceptable demands on financial services, saying that the kingdom is trying to secure “easy” access to the bloc’s single market. His comments indicate that no progress has been made in Brexit talks. Meanwhile, UK PM Johnson announced plans to revive the UK’s economy, pledging to solve social care issues and educational inequality, while supporting local companies.  

Canada Gross Domestic Product fell 11.6%  MoM in April, an unprecedented slump with activity contracting in all sectors.

European stocks closed higher, wrapping up their best quarterly performance in five years. Wall Street also closed with substantial gains, with the S&P posting its best quarterly advance in over 20 years.

Gold prices soared amid the extraordinary uncertainty mentioned by US Fed’s chief Powell. Spot gold reached a multi-year high  of 1,785.96.

Crude oil prices were up, with WTI flirting with $40.00 a barrel, despite the US held a record-high level of commercial crude oil inventories, according to the EIA.

Cryptocurrency Market News: Blockchain startup claims it can undo Bitcoin transactions

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.


GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.


XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News