Focus turns into strong economic calendar week

Markets muted ahead of Fed chair Powell’s testimony

3 July 2023

  • Central banks decision week in focus & NFP data.

  • Gold is hovering near $1850.

  • US Futures muted ahead of Powell’s testimony.

European Markets

Ahead of a slew of central bank meetings, including Australia, Japan and Canada. European markets were found inching lower especially after Friday’s close for the DAX (DE30) near $15,633 as markets digested a slower interest rate path.

The DAX today was steady near the $15,595 as markets paused ahead of Fed Chair Powell’s testimony on Tuesday Infront of the congress.


Gold prices were on and off near $1850, struggling to overpass the key resistance level as the USD eased continuing its daily frame side-way movement for the past week. The yellow metal is seen trying to pave its way to January highs by trending upwards.

The NFP data this Friday will be critical to gold prices, which was the main pressure of the golds February bearish behavior. The report is expected to report a job increase of 206K jobs vs 517K previous.

Oil prices too inched lower on renewed tension between the US and China. Brent fell to $84 while WTI dropped to $78, after Fridays shoot up near $79.9.

US Futures

US futures were also muted ahead of Powell’s testimony after surging for two consecutive days last week. The S&P500 is hovering near $4000 while the Nasdaq was trending near $12,294.