Long weekend buzz continues, ISM non-manufacturing to come
What's coming up today
The market is feeling good as New York wakes up for the week. Commodity currencies are higher and stock futures are up more than 1.5%. It all started with a huge rally in China with the Shanghai Composite up 5.7%.
The EUR is the strongest and the JPY is the weakest as NA traders enter for the day
The USD is right behind the JPY
The USD is right behind the JPY fighting for the weakest of the major currencies. The EUR and the CHF are the strongest as North American traders enter for the day. Stocks are surging despite more record virus cases. Warren Buffett entered the market with a near $10B investment
EUR/USD climbs to near two-week high as dollar keeps weaker to start the week
EUR/USD touches a high of 1.1317, the highest level since 24 June
Buyers are looking to capitalise on a push above 1.1300 going into North American trading, with price now looking towards the swing region around 1.1325 next.
Equities stay buoyed ahead of North American trading
Can European and US investors keep the torch alight in the latter half today?
China led the optimistic charge
finish with over 5% gains
In turn, that is keeping risk trades more buoyed so far in European morning trade with indices in the region holding near 2% gains while US futures are up by over 1%.
Eurozone May retail sales +17.8% vs +15.0% m/m expected
Latest data released by Eurostat - 6 July 2020
- -11.7%; revised to -12.1%
- Retail sales -5.1% vs -6.5% y/y expected
- Prior -19.6%
Retail sales activity rebounded strongly in the euro area in May, as lockdown restrictions were eased in most countries. But relative to a year ago, retail sales is still seen lower by a
Latest data released by Markit/CIPS - 6 July 2020
That is a decent rebound in construction activity as the economic reopening gathers pace, with new orders even seen stabilising after three months of sharp decline.
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