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Dollar rises with yields, Delta fears increase uncertainty

Dollar rises with yields, Delta fears increase uncertainty

Information is not investment advice

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Ichimoku Kinko Hyo

EUR/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand below 50% retracement area. Bulls seems that losing control of the trend.

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EU Market View

European stock markets are seen opening just higher Friday, rebounding to a degree after the previous session’s sharp losses. However, a weak U.K. GDP release has added to growth concerns. he May GDP number for the U.K. showed growth of just 0.8% on the month, a sharp slowdown from 2.0% growth seen the previous month (a figure that was also revised lower). Manufacturing output fell 0.1% in May, while industrial production rose 0.8%, both much weaker than had been expected.

Also of interest, finance ministers and central bankers from the group of 20 largest economies in the world are set to meet later Friday in Venice in person for the first time since the start of the Covid-19 pandemic. Top of the agenda will be corporate tax reform, with the group expected to endorse the new rules on where and how much companies are taxed that were first proposed by the G7 countries in June.

 The dollar was up on Friday morning in Asia, as concerns over the global economic recovery from COVID-19 continue to mount. Safe-haven currencies such as the Japanese yen and Swiss franc also gained, while riskier currencies such as the Australian and New Zealand dollars remained near multi-month lows. he dollar was up on Friday morning in Asia, as concerns over the global economic recovery from COVID-19 continue to mount. Safe-haven currencies such as the Japanese yen and Swiss franc also gained, while riskier currencies such as the Australian and New Zealand dollars remained near multi-month lows

 Oil was down Friday morning in Asia even as data released on Thursday said U.S inventories fell and demand surged as economic recovery drove consumption. Crude oil supply data from (EIA) showed a draw of 6.866 million barrels. Forecasts prepared by Investing.com predicted a 4.033 million-barrel draw, while a 6.718 million-barrel draw was recorded during the previous week. The EIA also said fuel demand surged to 10 million barrels a day in the week before Jul. 4 U.S. holiday.

EU Key Point

  • Eurostoxx futures +0.4% in early European tradin
  • UK May monthly GDP +0.8% vs +1.5% m/m expecte
  • USD/JPY pushes back to 110.00 on yields bounc
  • 10-year Treasury yields bouncing back ahead of European tradin
  • Fed's Daly: It would be premature to say that we've achieved victory against the pandemic.
  • G20 Finance Ministers and Central Bank Governors' meeting begins in Italy Friday 9 July 202

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