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GBP Edges Higher as 'Freedom Day' Confirmed

FOREX
  • GBP edged slightly higher into the close as the UK became one of Europe's first countries to unveil a data and time for the full rollback of COVID activity restrictions. UK PM Johnson confirmed that all social distancing and mask wearing requirements will expire on July 19th, leaving very few remaining rules.
  • The USD saw muted and non-directional trade with US markets closed for the duration for US Independence Day. CHF, SEK modestly underperformed while NOK and JPY saw very modest strength.
  • Focus Tuesday turns to the RBA rate decision, at which the bank are expected to keep rates unchanged, but acknowledge the post-COVID recovery by deciding not to rollover their 3y yield target.
  • German factory orders & ZEW data, Eurozone retail sales and the ISM Services index are the data highlights Tuesday. A number of ECB speakers are also due, with de Cos, de Guindos and Visco all on the docket.

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