Market Analysis Summary: Volatility Returns as Focus Shifts to U.S. Services PMI

Author: Martin Lam

Date: July 6, 2026

Key Takeaways

• Last Friday's U.S. holiday resulted in muted trading volumes.
• Expectations for Federal Reserve rate hikes have cooled.
• Progress in U.S.–Iran talks in Qatar has been noted, but market sentiment remains cautious.
• Key economic reports today include the June Nonfarm Payrolls, Eurozone PPI, and U.S. ISM Non-Manufacturing PMI, with the latter expected at 54.1, down from 54.5 previously.

Global Market Review (June 7, 2026)

U.S. markets were closed on Friday, leading to a retreat of the dollar from a 13-month high, marking its largest weekly drop in 12 weeks. Key market movements included:

• EUR/USD at 1.1440 (+0.5% weekly)
• GBP/USD at 1.3352 (+1.1% weekly)
• Gold up 1.3% with a weekly rise of over 2%
• WTI crude oil down 2.56% for the week

Key Events Today

• 14:00 EU Germany Factory Orders (MAY)
• 16:30 EU Sentix Investor Confidence (JULY)
• 17:00 EU Retail Sales (MAY)
• 17:00 EU PPI (MAY)
• 21:45 US Services & Composite PMI Final (JUN)
• 22:00 US ISM Services PMI (JUN)
• 14:00 EU Germany Industrial Production (MAY)
• 20:30 US Balance of Trade (MAY)

Market Analysis

EUR/USD

Resistance: 1.1474 / 1.1509
Support: 1.1396 / 1.1360

EUR/USD remained stable near 1.1430, marking a second consecutive daily gain. Analysts suggest that today's data could prompt a breakout.

Bias: Range trading

GBP/USD

Resistance: 1.3414 / 1.3461
Support: 1.3302 / 1.3264

GBP/USD held firm near 1.3350, its highest level since June 17, with potential to test nearby resistance if momentum improves.

Bias: Mildly bullish

USD/JPY

Resistance: 162.07 / 162.46
Support: 161.20 / 160.81

USD/JPY rebounded partially after a sharp drop, closing higher and continuing its rally into the morning.

Bias: Range trading

US Crude Oil Futures (AUG)

Resistance: 69.78 / 70.42
Support: 67.69 / 67.05

Oil prices rebounded modestly from multi-month lows, although they remain capped by the 10-day moving average near $70.40.

Bias: Low-range trading

Spot Gold (XAU/USD)

Resistance: 4268 / 4320
Support: 4111 / 4047

Spot gold rose as the dollar weakened, reaching its highest level since June 22.

Bias: Short-term bullish

Dow Jones Futures

Resistance: 53,151 / 53,410
Support: 52,536 / 52,337

The Dow remains in an uptrend channel, with focus on whether it can hold record highs.

Bias: Bullish at highs

NASDAQ 100

Resistance: 29,975 / 30,187
Support: 29,291 / 29,077

The Nasdaq has shown a consolidation pattern, with today's U.S. PMI data being a key catalyst for potential movement.

Bias: Consolidation

Bitcoin (BTC/USD)

Resistance: 65,564 / 66,473
Support: 61,648 / 60,724

Bitcoin gained in early Asian trade, continuing its rally from last week.

Bias: Moderately bullish

Conclusion

Market participants are advised to keep an eye on the upcoming economic data releases, particularly the U.S. ISM Services PMI, which could significantly influence market sentiment and trading strategies.