Futures mixed after rally continued overnight - 7.7.2020

The Dollar weakening has halted today . The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.4% Monday despite the Institute for Supply Management report services sector recorded sharpest recovery in June since the survey was created in 1997. Both GBP/USD and EUR/USD continued rising Monday as Eurostat reported retail sales in euro-zone rebounded sharply in May. Both pairs are lower currently. USD/JPY continued sliding yesterday while AUD/USD accelerated its climbing with both pairs reversing their dynamics currently as the Reserve Bank of Australia kept interest rates unchanged at ultra-low 0.25%.

Futures on three main US stock indexes are in red currently. Stock indexes in US rallied Monday: the three main US stock indexes posted gains ranging from 1.6% to 2.2% as the Institute for Supply Management non-manufacturing index jumped to 57.1 in June from 45.4 in May. Readings above 50.0 indicate industry expansion, below indicate contraction. European stock indexes are edging lower currently after a rebound on Monday led by bank shares. Asian indexes are mixed today after China on Monday accused the US of undermining stability in the South China Sea as US Navy conducted exercises in the area with two aircraft carriers and accompanying vessels.

Brent is edging lower today. Oil prices ended higher on Monday against the background of Saudi Arabia’s decision to raise the premium of its benchmark grade crude, and all other grades, by $1 a barrel. The US oil benchmark West Texas Intermediate (WTI) for August slipped however 0.05% Monday. September Brent crude climbed 0.7% to $43.10 a barrel on Monday.