27th July 2020 - US-China tensions and Vaccine news continue to be the key drivers for volatility


Good Morning,

Market Headlines

Global Sentiment tapered off amid continued US-China tensions, further procrastination on US fiscal stimulus, and increasing virus numbers. The Dow and S&P fell by a little over 0.6% on the day while the Nasdaq closed down almost 1%. On the Commodities front, Brent crude futures gained 0.1% to $43.35, copper retracted 1.5%, iron ore dropped 1.5% to $109.15, and gold rose by 0.8% to $1,900 an ounce for the first time in 10 years

Currencies

AUD/USD: 0.7064 – 0.7106

EUR/USD: 1.1582 – 1.1658

AUD/EUR: 0.6081 - 0.6096

GBP/USD: 1.2718 – 1.2803

USD/JPY: 105.68 – 106.43

USD/CAD: 1.3390 – 1.3445

NZD/USD: 0.6615 – 0.6641

AUD/JPY: 74.83 – 75.42

AUD/NZD: 1.0676 – 1.0700

AUD Thoughts

US-China tensions and Vaccine progression continue to be the key drivers for volatility in markets this week. Key economic data for the week ahead being Inflation and Employment Data locally, whilst to watch for in offshore markets will be US GDP and Chinese PMIs.

AUD/USD demand resting ahead of 0.7050, whilst offering interest remains in the 0.7180 - 7200 region.

Event Risk Data Today

AU – RBA - Assistant Governor Kent (Financial Markets) will speak at Kanga News (10:00 AEST).

CH – June Industrial Profits

GE – July IFO Survey

US – June Durable Goods Orders

US – July Dallas Fed Manufacturing Activity Index

ACN: 615 699 888 | AFSL : 502711

Copyright © Navigate Global Payments All rights reserved.