China Tariffs Inauguration to Increase Trade Tensions, Fed Concerned Already as Minutes Revealed

FXPrimus has summarized the important market updates of the day.

Daily Market Analysis

Euro posted marginal gains yesterday despite the FOMC reiterating a gradual tightening at the June 13 meeting as concerns over trade policy weigh in.

With Chinese tariffs officially imposed, trade policy is likely to become more of a problem as China will retaliate, as stated.

Global businesses have already started experiencing the effects of they previously imposed tariffs, which may be seen in today’s widely anticipated Nonfarm Payroll.

In other important events for today, markets expect Canada’s Employment report, yet this is likely to be overshadowed by the US NFP.

Today’s Forecast for Important Trading Indicators

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Major Market Updates

EURUSD: Euro breaks strong psychological resistance and forms a double top at $1.1715.
GBPUSD: Pound stable near $1.322 on light EcoCal. Pair bearish but could reach $1.33 short-term.
USDJPY: Dollar-Yen mixed as Fed’s positive minutes get blocked out by trade tensions.
USOIL: Oil declines amid inventory build, EIA reports 1.2M barrels more than expected.
XAUUSD: Gold mixed for a second consecutive session as investors patiently wait for NFP.