US markets saw some sharp moves yesterday after another set of weaker data prints hit the market. ADP Non-Farms, Unemployment Claims and ISM service PMI numbers all pointed to a weakening economy, however yet again the tech heavy indices powered higher to close at fresh all-time records again on hopes that the weaker numbers will spur the Fed to cut rates.
Treasury yields and the dollar both fell on the day with a nervous USDJPY market sending the pair a big figure lower after the data before it recovered to once again trade near 38-year highs.
It could be a tricky day ahead for traders with US markets closed for the July 4th Holiday, liquidity is likely to become thinner as the day progresses. The major focus for the day will be on UK markets as the population goes to the polls to vote for what is widely expected to be a new Labour government. Any deviation from that expectation could see some big swings in the pound.
| Market | Change | Close |
| Dow | -0.06% | 39,308 |
| S&P | +0.51% | 5,537 |
| Nasdaq | +0.88% | 18,188 |
| USD | -0.2% | 105.41 |
| US Treasury – 2 Year | -3.1 bps | 4.708% |
| US Treasury – 10 Year | -7.7 bps | 4.359% |
| Oil – Brent | +1.3% | $87.34 |
| Oil – WTI | +1.3% | $83.88 |
| Gold | +1.2% | $2,357 |
Today’s Events:
European Session
- 4.30 pm – Switzerland – CPI Data
- 6.30 pm – UK – Construction PMI Data
- All Day – UK – Parliamentary Elections
US Session
- US – Bank Holiday
