- Masato Kanda, vice-minister for international affairs at Japan's Ministry of Finance, said that Japan is ready to take proper action on FX when needed. This comment sent the US Dollar back up to 159 against the Japanese Yen.
- Preliminary S&P Global/HCOB PMI data for France, Germany, and the Eurozone showed worst-than-expected numbers. As a result, the Euro retreats further against the US Dollar, falling below 1.07.
- At 13:45 GMT, S&P Global will release the June’s PMI preliminary reading per sector:
- Services sector is expected to ease to 53.7 from 54.8 in May.
- Manufacturing should remain rather stable, t showing 51.00 in June from 51.3 the previous month.
- The Composite Index was at 54.5 in May, with no consensus view available.
- At 14:00 GMT, in the slipstream of the US PMI release, Existing Home Sales data for May will be released. The expected number is 4.10 million in May, down from the 4.14 million seen in April.
- Equities are still trying to recover from the massive punch they received from the $91 billion value evaporating in Nvidia. There are red numbers across the board and across the globe for all major indices.
- The CME Fedwatch futures for September are backing a rate cut, with odds now standing at 57.9% for a 25 basis point cut. A rate pause stands at a 35.9% chance, while a 50-basis-point rate cut has a slim 6.2% possibility.
- The US 10-year benchmark rate is trading at 4.24%, right in the middle of this week’s range after briefly hitting 4.29% on Thursday.
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