On Tuesday, July 6, here’s everything you need to know:
The week got off to a delayed start due to a US holiday that left local markets closed. Against most major rivals, the dollar remained near multi-month highs, but remained close to Friday’s lows. It’s difficult to predict whether or not the trend will continue.
On July 19, UK Prime Minister Boris Johnson declared that all restrictive regulations, including the wearing of masks and social separation rules, will be repealed. Despite the rising number of coronavirus infections, he also stated that people will no longer be instructed to work from home. On July 12, a final decision will be made. In the previous 48 hours, the country has seen a rise in hospitalizations, albeit the numbers are still well below last year’s highs.
The final editions of Markit’s EU Services PMIs showed significant rise in June. Data from the United States will be released on Tuesday.
Crude oil prices surged as the OPEC+ conference was once again postponed. Essentially, this confirms that members are unable to reach an agreement on an increase in oil production. WTI is currently trading at $76.30 a barrel.
Gold futures are currently trading at $1,791 per troy ounce, up from the previous day’s close.
Although there were no pyrotechnics in the stock markets, Wall Street futures dipped.
Concerns about the Delta variant spreading across Europe and the United States had had a little impact on currency values. However, the pandemic continues to wreak havoc on global economic growth. Epsilon, a novel strain from California, appears to be immune to immunizations and could be used as a risk-off catalyst.
The spotlight now switches to the Reserve Bank of Australia’s monetary policy announcement and news conference by Governor Philip Lowe.
Predictions for the top three prices Bitcoin, Ethereum, and Ripple are all digital currencies. ETH gains traction, but BTC and XRP remain mired in a quagmire.
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