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GBP Gains On Looming End To UK Covid Rules, NOK & CAD Slip On Weaker Oil

FOREX

The DXY crept higher as a new week got underway, with U.S. markets closed in observance of the Independence Day. China drew attention in Asia-Pac hours, as its Caixin Services PMI undershot forecasts, while Beijing broadened its cybersecurity probe into tech companies. Elsewhere, BBG sources said that China's Xi will hold talks with Germany's Merkel & France's Macron this week.

  • USD/CNH ground lower after the PBOC set its central USD/CNY mid-point at CNY6.4695, 7 pips shy of sell-side estimate. The yuan looked through a considerable miss in Caixin Services PMI, which deteriorated to a near-neutral 50.3 in Jun from 55.1 recorded in May, while also shrugging off Beijing's actions vs. tech firms.
  • GBP caught a bid and topped the G10 pile as PM Johnson looked set to confirm that the gov't will lift most of the remaining Covid-19 rules in two weeks and shift emphasis to personal responsibility.
  • NOK & CAD underperformed amid a downtick in crude oil prices, as Saudi Arabia & the UAE signalled that their disagreement on output remains unresolved ahead of today's OPEC+ summit.
  • Focus turns to a number of services PMI readings as well as comments from ECB Vice Pres de Guindos.
Energy BulletsCommodities
Energy BulletsCommodities

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