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A world of Trading assets

2021/07/06 Market Chat

Authored by ZanderVanDerMerwe
06.07.2021
Market Commentary
0
2 min

Yesterday was a fairly quiet day on the markets given that it was a banking holiday in the US, US Indices were very quiet as they remained in a range for the day. The European Indices closed the day out positive following an initial selloff during their respective opens.

On the commodity market the biggest mover yesterday was Brent, the news that was released out of OPEC of no real agreement being reached regarding production pushed the price up of Brent substantially as we made a high in the US session of $77.28 up from yesterday’s low of $75.69. This morning’s Asian session resulted in more positivity for the precious metals as Gold broke 1800 for the first time since the initial selloff following FOMC possible rate hike announcement. Silver pushed up substantially as it made a current daily high of $26.70 prior to the European market opening up.

Bitcoin and Ethereum had strong moves during the Asian session as we saw Dollar weakness pushing the cryptocurrencies higher.

Australia had their monetary policy statements this morning, for the most part, the central bank remained dovish, however, they did adjust their expectation of the economy will not return to normal before 2024 ruling out any expectation of a rate hike before then.

As we’re waiting for the European markets to open, Australian and New Zealand Dollar strength dominate the market while the US Dollar is the weakest currency of all the major currencies.

Keep an eye out for Services PMI set for release later this afternoon.

Tuesday (SAST)
6:30 am - RBA Rate Statement (AUD)
8:00 am - RBA Gov Lowe Speaks (AUD)
4:00 pm - ISM Services PMI (USD)

Authored by ZanderVanDerMerwe
06.07.2021
Market Commentary
0
2 min

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