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News Highlights - Greenback Remains On Front Foot Post NFP

  • ECB Governing Council member Boris Vujcic said the surge in consumer prices is only slowly abating, and the dangers of a resurgence exceed those of a more rapid retreat. “Disinflation is expected to be gradual, with the risks still tilted upward driven by risks coming from the tight labour market and underlying price pressures in the services sector,” the Croatian central bank chief told Bloomberg Saturday in Dubrovnik.
  • A highly anticipated defense forum in Singapore kicked off with a friendly handshake between Pentagon chief Lloyd Austin and Chinese Defense Minister Li Shangfu. It ended Sunday with few other signs of optimism that the world’s biggest economies could avoid an eventual collision. Austin used his speech at the Shangri-La Dialogue to chide China over its refusal to meet unless the US lifted sanctions on Li, saying that “a cordial handshake over dinner is no substitute for a substantive engagement.” (BBG)
  • Oil advanced at the week’s open after Saudi Arabia pledged to shave an extra 1 million barrel-a-day from its production in July, taking output to the lowest level in years in an effort to stabilize the market. West Texas Intermediate jumped almost 5% early in the session before paring the majority of the initial price spike.
  • The greenback sits firmer through Asia trade and the European morning after the better-than-expected Nonfarm Payrolls release on Friday

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