The major currencies versus the US Dollar remained in relatively predictable narrow trading ranges in honour of the 4th July US vacation. Ahead of the key US jobs report on Friday, there is little in the way of potential market movers apart from the release of the FOMC minutes, economists at MUFG Bank report.

Consolidation ahead of US jobs data

The market is priced at about 20 bps for the hike on 26th July, a level that has existed throughout most of the last month. We doubt the FOMC minutes will change that much and the NFP and CPI data remain key. 

We’d expect EUR/USD to remain in a relatively narrow trading range too with the final estimates for PMI in Europe today unlikely to move the market much either.