Here is what you need to know on Thursday, July 4: The US Dollar (USD) seems to have stabilized after suffering large losses against its rivals on Wednesday.
Here is what you need to know on Thursday, July 4: The US Dollar seems to have stabilized after suffering large losses against its rivals on Wednesday. Financial markets in the US will remain closed in observance of the Independence Day holiday on Thursday. The economic calendar will not offer any high-impact data releases but investors will keep a close eye on the United Kingdom exit polls as voters cast ballots in a snap general election called by Prime Minister Rishi Sunak.
On Wednesday, disappointing macroeconomic data releases from the US caused the USD to face strong selling pressure. The ADP reported that the private sector payrolls grew 150,000, below the market expectation of 160,000, and the ISM Services PMI slumped to 48.8 in June from 53.8 in May, pointing to a contraction in the service sector's business activity. The USD Index declined sharply in the American session and came within a touching distance of 105.00 before staging a technical correction.
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