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Independence Day Curtails Activity, Volumes ~40% Below Average

FOREX
  • Currency markets are generally muted headed through to the halfway point of the European session. US Markets remain closed for the duration for Independence Day, meaning price action and participation is expected to thin out through the second half of trade.
  • On the day, the greenback and the single currency are modestly weaker, slipping against most others in G10. Nonetheless, the week's generally tight ranges are being respected, keeping the USD Index well off the lows posted on Monday.
  • NZD trades well, helping press AUD/NZD to new weekly lows at 1.0808 after the RBA rate decision. The RBA kept policy unchanged - as expected - at 4.10% and while further tightening is expected at some point this year, the hold decision signals the bank may be nearing the peak of the tightening cycle.
  • There are no data releases set for Tuesday, keeping focus on appearances from ECB's Nagel and Stournaras through the London close.
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