 Dollar weakens notably against European majors in early US session, partially due to worse-than-expected ADP private job data. However, the primary reason seems to be traders becoming cautious ahead of several key events this week, including UK general elections, US non-farm payroll report, and French parliamentary elections. Traders are also mindful of thinner markets tomorrow due to US July 4 holiday. Some focus will shift to FOMC minutes due later in the session. June meeting's economic projections indicated a significant shift, with only one expected rate cut this year, compared to three projected in March. The debates behind this hawkish change, highlighted by 11 members favoring one or no cuts versus 8 members favoring two cuts, will be closely watched. Additionally, discussions about the raised long-term neutral rate will be analyzed for further insights... |
