Asian markets are today reflecting current trade worries. The , Hong Kong’s , and Japan’s are down by 0.51%, 0.65%, and 0.40% respectively. This comes a day after German Chancellor, Angela Merkel, sounded an early alarm over trade warning that the world could be approaching another financial crisis similar in magnitude to the 2008/9 crisis.
The focus today among traders will be on and from the United States. The minutes will give traders a deeper insight into for the year.
Following a meeting which took place two weeks ago, Chairman of the Federal Reserve, Jerome , said that Fed officials were committed to two more hikes this year. Regarding job numbers, ADP will release the number of people employed in the sector in June. The markets expect the number to be 190,000, which will be higher than last month’s 178,000. In addition to this, traders will be looking ahead for the number of and and . Other important data from the US will be the non-manufacturing PMI from ISM.
Shifting gears to Europe, traders will focus on . This data is very important today because of the ongoing trade conflict. Traders will want to know whether the rhetoric is affecting real businesses. Traders expect the orders to grow by 1.1% after last month’s slump. A speech by Bank of England’s governor Mark will also be watched closely by traders, who will standby for his opinions about the economy. The Swiss will also be in play today as the country will release numbers. Traders expect the CPI for the month of June to rise to an annual rate of 1.1%.
The EUR/USD pair is trading at 1.1660. The pair has continued trading in the symmetrical triangular pattern initiated a few days ago. This pattern is nearing the apex, which means that