Headlines:
- The USD is at a crossroads ahead of CPI, while the AUD awaits RBA rate decision
- Iran foreign ministry reaffirms that there are no negotiations with the US currently
- Oil prices trim losses on delayed US-Iran deal; lack of US attacks keeps hopes alive
- Gold price forecast: Why 4,432 could decide whether the bullish move extends
- Euro area investor confidence returns to positive territory in August – Sentix
Markets:
- Gold down 0.2% to $4,333
- GBP leads, JPY lags on the day
- WTI crude up 1.6% to $79.43
- S&P 500 futures flat, Nasdaq futures flat
- US 10-year yields up 0.5 bps to 4.66%
- Bitcoin flat at $65,079
There wasn’t much in it to start the new week with no follow through from the soft US jobs report on Friday last week.
The focus and attention now turns to the US CPI report for July, which will be released on Wednesday. As such, broader markets are keeping more tentative with not much else to work with for now.
US-Iran developments continue to stall, with the Strait of Hormuz arrangement not yet being put into place yet. Oil prices are a little higher again, with WTI crude up 1.6% to $79.43 on the day.
In the major currencies space, the yen fell back again with USD/JPY up 0.7% to 158.85. As for the dollar itself, it was very much little changed with tight ranges still prevailing against the rest of the major currencies bloc.
This comes amid a more tepid risk mood as well, with US futures flat on the day. Meanwhile, 10-year Treasury yields are also lightly changed at 4.66% currently.
Looking to precious metals, it’s a mixed bag with gold down 0.2% to $4,333 and silver up 0.8% to $64.06 on the day.
All in all, it’s a slower start to the new week with market players slowly counting down to the inflation data later this week before making any sudden moves.
This article was written by Justin Low at investinglive.com.
