Forex News

Wednesday, July 2, 2025

US equity markets continue to prosper, boosted by the passage of the ‘Big Beautiful Bill’ through the Senate and improved economic data. US Manufacturing PMI was stronger than expected, as was the ISM Manufacturing number, while big trade deals are close. German and EU Manufacturing PMI remained in contraction mode and the prospect of heavy tariffs from the US, does not help the situation. The US Dollar remains weak, with the EUR trading 1.1770, while the GBP consolidates above 1.3700.The weaker reserve adds upward mobility to the commodity currencies, with the AUD breaking above 0.6550, while the NZD approaches 0.6100. Political relations between the US and these two trade dependent Countries remain tense, with still no trade deal on the table. The TANKAN report in Japan showed increasing confidence from the large Japanese manufacturing sector. Attention is firmly on global trade and the US labour market.

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