The US dollar outperformed with relentlessly rising US COVID cases worrying investors to the point where the US benchmarks were mostly lower by the close of play. The S&P500 closed 0.6% lower for the day with bond yields also finishing softer. On the commodities front, Brent crude futures declined by 2.5% to $43.25, copper up 0.6%, iron ore slightly rose by 0.2% to $106.85, and gold declined by 0.3%
US Dollar Index closed 0.3% higher .
EUR ranged between 1.1370 and 1.1286.
USD/JPY ranged between 107.10 and 107.40.
AUD reached 0.7001 then retraced to 0.6950.
NZD ranged between 0.6601 and 0.6550.
AUD/NZD ranged between 1.0625 and 1.0590.
AUD still testing offers around 0.7000 before retracing back to 0.6950/60 area this morning. Another run higher to test further offers in the 0.7000/20 will show interest with domestic Retail Sales data out mid-morning.
Event Risk Data Today
Australia: Retail Sales
New Zealand: June Electronic Retail Spending is expected to be a strong number with market forecast being up 18.0%.
Canada: Labour force data
China: June Caixin PMI, markets are expecting further monetary easing to continue support money supply (f/c: 11.1%yr), an accommodative policy has also boosted credit availability and demand and new loans are also expected to increase.
Eurozone: June services PMI
US: June PPI inflation