- Canada S&P Global June manufacturing PMI 48.8 vs 49.0 prior
- New Zealand GDT price index -3.3%
- Eyes on Ukraine's Zaporizhzhia nuclear power plant this week
- World Meteorological Organization declares onset of El Niño. What it means
- China expected to intensifty retailiatory chip measures. Lithium curbs are the fear.
- Brazil's Lula backs a common currency for trade between Mercosur countries
Markets:
- Gold up $4 to $1925
- WTI crude oil up $1.21 to $71.00
- NZD leads, EUR lags
- Toronto TSX Comp +0.2%
- Bitcoin down $419 to $30,705
- US markets closed for Independence Day
The US was off for a holiday but it wasn't a dead session, in large part due to the dovish surprise from the RBA, which held rates. That led to a rally in AUD (which I explain here) after an initial selloff.
Commodities in general were solid with oil leading the way as the market digests OPEC+ production curbs. That's something of a rethink of the reversal yesterday but I suspect there will be a few chapters in this latest saga. The Canadian markets were open and the local PMI softened a touch in another indication the BOC might have to rethink a hike next week.
The US dollar was generally soft but edged back higher later as the euro hit some stops below 1.0890.
The China services PMI coming up later will set the tone for the new day and then the new quarter will truly get underway.
