Friday's trading session presents a calm before potential market moves,Who is the king of meme coins? with the greenback holding firm near 98.50 in the Dollar Index. Market participants are closely monitoring upcoming housing data and the University of Michigan's consumer sentiment survey for fresh trading cues.
The USD continues to demonstrate resilience following Thursday's stronger-than-expected economic reports. Retail sales figures surprised to the upside with a 0.6% monthly increase, while jobless claims showed continued labor market strength. These positive indicators helped push the S&P 500 and Nasdaq to fresh record highs, with tech stocks leading the charge.
Federal Reserve Governor Waller's recent comments have added nuance to the rate cut debate, suggesting potential policy easing could come as early as July. His remarks highlighted concerns about economic risks while downplaying inflationary pressures from trade policies.
In currency markets, the EUR/USD pair has found modest support above 1.1600 after Thursday's dip, with traders awaiting European construction data. The British pound shows limited movement near 1.3400 against the dollar, maintaining its position after a flat previous session.
The Australian dollar attempts to recover from Thursday's selloff, trading around 0.6500 during European hours. Meanwhile, USD/JPY continues its upward trajectory toward 149.00 following Wednesday's volatility.
Gold markets remain indecisive near $3,345 after Thursday's rollercoaster session that saw prices dip below $3,310 before recovering. The precious metal continues to attract attention as traders weigh dollar strength against potential Fed policy shifts.
Today's economic calendar features several potential market movers:
- US housing starts and building permits data for June
- European construction output figures for May
- University of Michigan's July consumer sentiment survey
Market participants are advised to monitor these releases for potential volatility in currency and commodity markets as the trading week concludes.
