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CAD’s Fortunes Take A Sharp Reversal As Oil Prices Fall


1️⃣ Safe-haven demand was supported by a resurgence in coronavirus infections and geopolitical tensions between the US and China.
2️⃣ July U.S. ISM manufacturing highest since March 2019.

1️⃣ Concerns about a lockdown in London, uncertainty about US-UK trade talks are weighing on the pound.
2️⃣ UK Final Manufacturing PMI misses estimates.
3️⃣ British Prime Minister Boris Johnson announced last week the government would pause lockdown easing for at least two weeks due to a resurgence in coronavirus cases.

1️⃣ Euro remained well supported by the latest optimism over a landmark agreement on the EU’s €750 billion pandemic recovery fund – aimed at aiding the region’s worst-hit economies.
2️⃣ The IHS Markit Eurozone Manufacturing PMI was revised higher to 51.8 in July 2020.
3️⃣ Industrial producer prices in the Euro Area rebounded 0.7% from a month earlier in June, beating expectations of a 0.5% gain.

1️⃣ Market participants expect the New Zealand’s Unemployment Rate in the second quarter to rise from 4.2% to 5.8% with the Employment Change declining by 2%.
2️⃣ Risk-off market sentiment expected as surging coronavirus infection rates across the US dampens investor hopes of economic recovery.

1️⃣ WTI crude futures traded lower at $41.0 per barrel on Tuesday, as investors fear that a fresh wave of COVID-19 infections around the world could hamper the global economic recovery and fuel demand, with cities from Manila to Melbourne announcing a reversal of the latest reopening efforts to combat the virus spreading.
2️⃣ Flash data from Canada’s statistical office showed the GDP will likely shrink by a record 12% in Q2 due to coronavirus lockdowns.

1️⃣ The RBA struck an overall cautious tone with the dominant focus for the central bank remaining on the coronavirus outbreak – the greatest risk to Australia’s economic outlook.
2️⃣ RBA forecasts a 6% drop in GDP over 2020, and given the country’s spare capacity, the RBA expects inflation to undershoot its 2-3% target for the next two years.
3️⃣ Melbourne – Australia’s second-largest city – will enter a six-week lockdown with retail, some manufacturing and administrative businesses all closing.

1️⃣ Major stock markets in the United States started trading below the flatline on Tuesday as the negotiations on the next coronavirus bill continue without a clear solution in sight.

1️⃣ Swiss consumer confidence index improved from a record low.
2️⃣ Investors continue to worry about uncertainties caused by Covid-19 crisis and escalating tensions between Washington and Beijing.

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