Markets stay relatively quiet early Friday and the US Dollar (USD) Index retreats after posting gains for two consecutive days. May Producer Price Index (PPI) for the Eurozone will be the only data featured in the European economic calendar. Financial markets in the US will remain closed in observance of the July 4 holiday, paving the way for subdued action heading into the weekend.
The data published by the US Bureau of Labor Statistics showed on Thursday that Nonfarm Payrolls (NFP) in the US rose by 147,000 in June. This reading came in better than the market expectation for an increase of 110,000. In this period, the Unemployment Rate declined to 4.1% from 4.2%. The USD gathered strength with the immediate reaction to the upbeat employment data and the USD Index climbed to a six-day-high above 97.40. Early Friday, the index corrects lower and stays in negative territory below 97.00.
Late Thursday, the US House of Representative's approved US President Donald Trump's tax-cut and spending bill and sent it back to him to be signed into law. Meanwhile, Trump noted that he will begin sending letters on trade tariffs starting Friday. He added that the expects to sign a "couple more deals" and noted that countries will start paying tariffs from August 1st. Wall Street's main indexes registered strong gains on Thursday.
Source: Fxstreet
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