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31FX Blog

Forex Today: July 6 – July 10

31FX- Markets are optimistic after Chinese media is bullish about the recovery and the stock market. More on US, Canada and Australian markets this week.

ISM Non-Manufacturing Purchasing Managers’ Index

US Non-Farm Payrolls beat expectations with an increase of 4.8 million in June. The recent surge in COVID-19 cases came after the job reports surveys were taken.

Europe EUR/USD

Spain has imposed two localized lockdowns to bring COVID-19 outbreaks under control. The risk-on mood is pushing EUR/USD toward 1.13. 

UK GBP/USD

Andrew Bailey, Governor of the Bank of England, sent a letter asking commercial banks to prepare for negative interest rates. GBP/USD is holding up around 1.25.

Australia AUD/USD

Australia has closed to the border between Victoria and New South Wales following the outbreak around Melbourne. AUD/USD is benefiting from the risk-on mood, zooming in on 0.70.

Canada USD/CAD

Canada regarding “meddling” in Hong Kong and warned it could backfire against the Canadian economy. USD/CAD is trading steadily above 1.35. 

WTI Oil

Oil prices are benefiting from optimism, with WTI trading above $40.

Gold

Gold is also steady above $1,770. 

Cryptocurrency

Cryptocurrencies are edging higher, with Bitcoin trading around $9,100. 

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