Forex news from the European trading session – 7 July 2020
Headlines:
Markets:
– GBP leads, AUD lags on the day
– European equities lower; E-minis down 0.8%

Bloomberg reports, citing people familiar with the matter
The sources cited also mention that the BOJ continues to see a high degree of uncertainty surrounding the economy, but developments since April have been more or less panning out according to the central bank’s forecast.

USD/JPY pushes to a session high of 107.79 currently
The pair is having a very polarising start to the week, tracking lower yesterday amid a weaker dollar before reversing course in trading today to push just above the highs yesterday and close to a test of the 100-day MA (red line) @ 107.81 currently.

S&P 500 futures down by nearly 1%
Stocks are seeing a pullback after a solid start to the new week yesterday, with European indices keeping around 1% losses for the most part and US futures also seen down by around 0.9% to 1.0% ahead of North American trading.

EUR/USD touches a high of 1.1317, the highest level since 24 June
Buyers are looking to capitalise on a push above 1.1300 going into North American trading, with price now looking towards the swing region around 1.1325 next.

AUDUSD
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Latest data released by Eurostat – 6 July 2020
– -11.7%; revised to -12.1%
– Retail sales -5.1% vs -6.5% y/y expected
– Prior -19.6%
Retail sales activity rebounded strongly in the euro area in May, as lockdown restrictions were eased in most countries. But relative to a year ago, retail sales is still seen lower by a

Can European and US investors keep the torch alight in the latter half today?
China led the optimistic charge
finish with over 5% gains
In turn, that is keeping risk trades more buoyed so far in European morning trade with indices in the region holding near 2% gains while US futures are up by over 1%.

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The latest data for California
Confirmed cases now 248,253 vs 240,195 yesterday. If you exclude the lab backlog, this is the worst day yet.

6/22: 4,230
6/23: 5,019
6/24: 7,149
6/25: 5,349
6/26: 4,890
6/27: 5,972
6/28: 4,810
6/29: 5,307
6/30: 6,637
7/01: 9,740 -total includes 3,842 lab backlog cases
7/02: 7,538 – „“ 3,482 „“