The EUR/USD pair is moderately growing. EU Trade Balance data showed a reduction in the surplus from EUR 18.1B to EUR 16.9B, but were ignored by the market. The rate was supported by weak data on retail sales in the US. In June, the indicator fell from 1.3% to 0.5%. Against this background, the instrument rose to 1.1718, where it is currently trading. Today, the macroeconomic calendar of the eurozone does not contain important releases, so investors' attention will be focused on the US, where the head of the Fed Jerome Powell, is expected to address the US Senate Committee on Banking, Housing, and Urban Affairs.


The GBP/USD rate, after the publication of weak statistics from the US, managed to reach 1.3291, after which it quickly corrected to the area of 1.3244, where it is consolidating now. Today, investors are waiting for the speech of the head of the Bank of England Mark Carney (10:00 GMT+2), as well as on statistics on the labor market in the UK (10:30 GMT+2). The Unemployment Rate is expected to remain at the level of 4.2%. Average Earnings including Bonus will also remain at 2.5%, and Average Earnings excluding Bonus can decline slightly from 2.8% to 2.7%.


The AUD/USD pair today increased to 0.7431. Some support for the pair is provided by the published Reserve Bank of Australia meeting minutes, according to which the Australian regulator can start raising the interest rate if the economy continues to grow at the expected pace, but not in the short term. The protocol noted the positive trends in the labor market and the growth of household incomes. Of the negative aspects, the preservation of high indebtedness among low-income households and the possible tightening of the conditions for mortgage lending were mentioned.


Quotes of USD/JPY changed insignificantly and consolidated at 112.40. Investors are waiting for today's publication of data on industrial production in the US (15:15 GMT+2), as well as for the speech by the Fed head Jerome Powell (16:00 GMT+2).


Quotes of gold are traded in the range with the boundaries of 1237.95–1245.13 and have changed insignificantly. Investors are waiting for the speech of the head of the Federal Reserve, Jerome Powell, during which further actions of the Fed regarding monetary policy may be mentioned in the face of the complication of the US-China trade relations.

Morning Market Review

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