Forex news from the European trading session - 5 July 2021
Headlines:
- Oil stays relatively upbeat awaiting OPEC+ decision
- Eurozone July Sentix investor confidence 29.8 vs 28.1 prior
- UK June final services PMI 62.4 vs 61.7 prelim
- SNB total sight deposits w.e. 2 July CHF 712.1 bn vs CHF 712.5 bn prior
- Eurozone June final services PMI 58.3 vs 58.0 prelim
- OPEC+ meeting said to still be scheduled to start at 1300 GMT later today
- BOJ maintains assessment for 5 of 9 Japanese regions in latest economic report
- Reminder: US markets will be closed today
Markets:
- GBP leads, CAD lags on the day
- European equities mixed; S&P 500 futures flat
- Gold up 0.2% to $1,789.90
- WTI up 0.4% to $75.48
- Bitcoin up 1.4% to $33,596
It is a quiet start to the new week with light movements all around, keeping in mind that US markets will be closed due to the 4th of July long weekend.
The dollar was mildly higher in early trades but have turned back to being mixed/little changed overall against the major currencies bloc in general.
GBP/USD nudged a little higher from 1.3820 to 1.3860 but is still keeping below its 200-hour moving average @ 1.3866 currently.
USD/JPY also tracked below 111.00 upon backing away from the late March 2020 highs at the end of last week as sellers wrestle back some near-term momentum for now.
The loonie is the weakest performer despite relatively upbeat oil prices with USD/CAD moving up from 1.2320 to 1.2350 levels and testing the 200-hour moving average @ 1.2350 over the past few hours. Further resistance is seen @ 1.2381-89.
The OPEC+ meeting decision will be a key focus later on as the UAE is the main sticking point. Besides that, just be wary of thinner liquidity conditions to start the week.
