Major currencies are not doing much to start the day but I would expect the ranges to broaden in European trading. The overall risk mood remains more mixed, with tech shares sinking in Wall Street yesterday. The Dow ended higher by 0.7% but the Nasdaq slumped by 1.1%, led by a further drop in Nvidia. Correction time?
That is setting up for a more tentative one in European trading later. For now, the overall mood is calmer with S&P 500 futures seen up 0.1%.
In other markets, gold continues its tango amid a forming head-and-shoulders pattern. The precious metal is down 0.2% to $2,328 after a light bounce overnight. Then, we have Bitcoin bouncing back a little after testing waters below $60,000 for the first time since early May. The May low at $56,500 and 200-day moving average at $57,645 are key levels to watch now.
Looking to European morning trade, there is only one release of note and that is the final estimate for Spanish Q1 GDP. As such, that will make for a quieter one in terms of headlines for the session ahead.
0700 GMT – Spain Q1 final GDP figures
I wish you all the best of days to come and good luck with your trading! Stay safe out there.
This article was written by Justin Low at www.forexlive.com.
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