Latest data released by Markit/CIPS – 5 July 2021
here
The downside is that cost inflation hit a record high in June amid supply chain disruptions and that could be a force that threatens to destabilise the recovery in general.

The oil talks on Thursday (1 July) were delayed until Friday and after no agreement was finalised they’ll continue on Monday. 
The United Arab Emirates blocked a final deal, long story short is the country wants a greater share of output. Negotiations were centring on 400,000K barrels of increased production in August, and then the same

Forex news for North American trading on July 2, 2020
In other markets as the week comes to a close shows:
– Spot gold is trading up $10.69 or +0.6% at $1787.29.
The US jobs report for June was released and showed a greater than expected 850k jobs added vs 700K estimate   May was revised to 583K vs 559K. The April report was revised

NASDAQ closes at a record and so does the Dow…
The NASDAQ index also closed at a record today that is the second consecutive record close for the NASDAQ. 

The latest from OPEC +
Meanwhile Russia recommends delaying OPEC+ talks by 1 to 2 days.
It seems there continues to be a stalemate.

The 200 hour MA stalls the rally.
The EURUSD has extended up to the cluster area outlined in a earlier post. That cluster of resistance includes the:

OPEC+ meeting continues
The latest from the OPEC+ meetings is that the UAE as agreed with a one-month delay in making the decision on easing the production cuts, but Russia has opposed the suggested delay.

Forex news from the European trading session – 2 July 2021
Headlines:
Markets:
– CAD leads, NZD lags on the day
– European equities slightly higher; S&P 500 futures up 0.1%

No compromise just yet ahead of the meeting later
As pointed out , the UAE seems to be the sticking point but they are merely asking for their production baseline to be revised – not being against an extension or easing of output cuts – so that is an important distinction when viewing this supposed standoff.

The loonie is holding its ground in European trading
USD/CAD was up earlier to a high of 1.2449 but is now tracking lower to the lows for the day at 1.2418 as the loonie regains some momentum after a sluggish week against the dollar, despite higher oil prices in the lead up to the OPEC+ decision.