What you need to know on Tuesday, July 6:
The week began in slow motion amid a US holiday that kept local markets closed. The dollar remained around Friday’s lows against most major rivals, but close to multi-month highs. It does not seem clear that there are more declines.
UK Prime Minister Boris Johnson announced that all restrictive measures would be lifted on July 19, including the use of masks and social distancing rules. He also noted that people will no longer be instructed to work from home, despite the increase in coronavirus cases. The final decision will be made on July 12. The country reported an increase in hospitalizations in the past 48 hours, although levels are still well below last year’s peaks.
Markit’s final versions of its services PMIs for the EU indicated substantial growth in June. Data for the US will be released on Tuesday.
Crude oil prices soared as the OPEC + meeting was postponed once again. More or less that confirms that the members cannot agree on an increase in oil production. The WTI is trading at $ 76.30 a barrel.
Gold futures were higher, with the shiny metal currently at $ 1,791 a troy ounce.
Wall Street futures fell, although there were no surprises in the stock markets.
Concerns about the expansion of the Delta variant in Europe and the US had a limited impact on the currencies. However, the pandemic continues to affect economic progress around the world. A new strain from California, now called Epsilon, appears to be resistant to vaccines and may become a catalyst for risk.
The focus now shifts to the Reserve Bank of Australia’s monetary policy decision and Governor Philip Lowe’s press conference.
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