Uncertainty dominates the markets which is reflected in the directionless sideways moves of the major currency pairs. These are not good conditions for traders as the lack of a trend does not provide greater profits. In addition, spontaneous and unexpected market reactions pose a greater risk to day-trades. The Greek debt crisis and possible global economic turmoil push back U.S. rate hike expectations, which is a reason why the dollar as a safe haven currency got no strength for a rally either.
On the bottom line, the market has currently no clear focus, neither on an imminent Federal Reserve liftoff, nor on a predictable outcome and the impact of the Greek crisis.
We will have to be patient even if we suffered losses recently. As soon as the general focus shifts again to economic data and rate hike speculations, we expect the market to provide more profitable chances for traders. The next big uncertainty is the Greek referendum on Sunday. Until then currencies may remain trading sideways.
Today’s economic data may trigger some price action:
7:55 EUR German Manufacturing PMI
8:00 EUR Eurozone Manufacturing PMI
8:30 UK PMI
9:30 EUR Eurozone Teleconference (Greece Proposals)
12:15 USA ADP Employment Change
14:00 USA ISM Manufacturing
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