Trade ideas thread – European session 30 July 2020

Daily thread to exchange ideas and to share your thoughts

The dollar is a little firmer across the board to start the session, keeping at the highs now though the ranges for the day are still rather modest for the time being.

Powell & co. failed to offer much besides some indication that they are seeing leading indicators point to a slower growth momentum, but I think the virus trajectory in the US pretty much affirms that narrative over the past few weeks.

Key tech earnings will be a focus towards the end of the week with Apple, Amazon, Alphabet and Facebook (rescheduled) all reporting after the close today and that may set up a bit of a hectic Friday trading session amid month-end flows as well.

As for today, the market is still looking for a better sense of direction with US futures close to flat levels after the better performance overnight.

The dollar is firmer but the gains aren’t anything much to shout about. USD/JPY is around 105.20 while EUR/USD is backing off a little from 1.1800 and so is cable from the 1.3000 level. But the technical picture isn’t much changed whatsoever.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.

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