A subdued trading session Friday, to close out an action-packed week of gains on US equity markets, as America celebrated their Independence Day holiday. A tumultuous week dominated by trade, US legislative action and fears over the US labour market. This coming week will be dominated by the US trade deadline, coming Wednesday the 9th July. We may have some big trade deals announced, a delay of the deadline, or many letters sent to recalcitrant Countries informing them of their new tariff levies. It will be a week of high-drama. The US Dollar remains subdued, with the EUR trading 1.1750, while the GBP holds above 1.3600.Commodity currencies remain steady, with the AUD trading around 0.6550 and the NZD consolidating above 0.6000. These trade exposed nations will be desperately attempting to come to some arrangement, with the US, before the trade deadline expires. Failure could see dramatic price action in these commodity currencies.
