UK finance minister, Rishi Sunak, updates parliament on the government’s latest spending plans
– Our plan will protect and create jobs
– Job losses are the most urgent challenge we face
The main challenge for the UK will be to try and stop the bleeding in the labour market over the next few months – especially when moving

US futures keep close to flat levels while European stocks are softer
After a back and forth last two days, the risk mood today is looking rather tepid for the most part with investors looking towards Wall Street for more direction.

There will be meetings between the UK and EU throughout July
entire month
That said, both sides have mentioned that negotiations are set to only enter a „hot phase“ in September so that is likely where the real action will be at on Brexit.

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%

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.

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.

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