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[QUOTE="limyeeshin, post: 105052, member: 35099"] [B][U][SIZE=6][COLOR=#0000ff]Solforex Edition 59|July 4, 2016[/COLOR][/SIZE][/U][/B] The U.S. dollar eased against other major currencies on Friday as investors’ expectations are faded for rate hike by the dovish stance of the Federal Reserve. Market players ruled out further rate hikes this year due to the impact of Brexit votes. Future markets are even envisaging a chance that the Fed could actually cut rates in this year. CME Fed Watch tool reported that there is currently 0% probability that the Fed would raise the rates and 3% probability of a rate cut. The dollar fell 0.25% for the day to 95.72. USD/JPY pair fell 0.7% with continued demand for safe-haven from the Brexit. The British pound fell against the U.S. counterpart as investors continued to digest the political and economic after math of Brexit. Bank of England Governor, Mark Carney said on Thursday that more stimulus may be needed over the summer, spurring expectations for a rate cut. Meanwhile in the U.K., London Mayor Boris Johnson took off the race to Britain’s next prime minister on Thursday, while Justice Gove, one of main Brexit campaigner, announced he would run for the prime minister. Interior Minister Theresa May, an EU remain-campaigner, also indicated her willingness to lead the party. GBP/USD fell 0.33% to 1.3266, still close to 31 year low of 1.3122. The euro rebounded from a sharp drop after a report said that the European Central Bank was not considering buying government debt out of proportion to euro zone countries’ shareholding in the bank. On Thursday, Blomberg reported that the ECB had been considering giving up the capital key because of a shortage in German paper. EUR/USD pair traded at 1.1136, up 0.17%. The Australian dollar fluctuated on early Monday with heightened political uncertainty. Australia’s general election on Saturday produced no clear winner after more than two thirds of the votes were counted and causing chaos for political certainty among investors. Most economists expected the Reserve Bank of Australia would keep the cash rate unchanged at a record low 1.75%. There are expectations that the RBA will take dovish stance at Tuesday meeting in the aftermath of Brexit and low inflation. AUD/USD slid down to 0.7410 and rebounded to 0.7468. In the week ahead, investors will pay more attention to economic fundamentals and U.S. monetary policy. The U.S. nonfarm payroll for June and FOMC minutes will be in focus. Also, market players will pay close attention to the Bank of England’s financial stability report. [B][SIZE="4"][COLOR="RoyalBlue"]Weekly Events and Forecasts[/COLOR][/SIZE][/B] Ahead of the coming week, Solforex has compiled a list of these and other significant events likely to affect the markets. [B][U][COLOR="Red"]Monday, July 4[/COLOR][/U][/B] U.S. financial markets are closed for the Independence Day. Australia is to release data on MI inflation and building permits. The U.K. is to release data on construction activity. Eurozone is to publish data on produce price inflation. Also in the euro zone, Sentix is to report on investors’ sentiment. [B][U][COLOR="Red"]Tuesday, July 5[/COLOR][/U][/B] Japan is to release Nikkei PMI service sector index. China is to publish the Caixin service sector index. Australia is to release data on trade balance and retail sales. The Reserve Bank of Australia is to hold monetary policy meeting and announce its rate decision. Euro zone is to publish data on PMI service sector and retail sales. The Bank of England is to release the financial stability report. The U.S. is to publish data on ISM New York region manufacturing, factory orders, and durable goods orders. [B][U][COLOR="Red"]Wednesday, July 6[/COLOR][/U][/B] Euro zone is to release PMI retail sales index. Germany is to publish data on factory orders. The U.S. is to release bundle of data on trade balance, PMI service sector, ISM non-manufacturing, new orders, and employment index. The FOMC is to release its recent monetary policy meeting minutes. [B][U][COLOR="Red"]Thursday, July 7[/COLOR][/U][/B] Australia is to release data on construction activity. The European Central Bank is to release its June meeting minutes. Germany is to publish data on industrial production. The U.K. is to report on housing index and manufacturing. The U.S. is to release ADP nonfarm payrolls report and weekly initial jobless claims. [B][U][COLOR="Red"]Friday, July 8[/COLOR][/U][/B] Japan, Germany and the U.K. are to release data trade balances. The U.S. is to closely report on employment with unemployment rates and average earnings. The above schedule may change* [/QUOTE]
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