USDCAD: open 1.3795, overnight range 1.3738-1.3798, close 1.3735, WTI 74.58, Gold 3367.46
WTI oil prices soared from 73.19 to 78.39 in Asia but quickly erased most of the gains.
Asia markets closed in negative territory. The ASX 200 and Japan’s Topix both fell 0.36%, while Hong Kong’s Hang Seng bucked the trend and climbed 0.67%.
European markets are down led by a 0.61% drop in the French CAC 40 index while the German Dax is off 0.37%. S&P 500 futures are flat, while the U.S. 10-year Treasury yield sits at 4.397%.
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EURUSD dropped like a stone, falling to 1.1454 from Friday’s 1.1524 close in early Asian trading. It briefly rebounded to 1.1520 after German May PMI data surprised to the upside, with the composite index climbing to 50.4 from 48. However, any euro momentum was short-lived as weaker-than-expected Eurozone PMI figures dragged the single currency lower again.
GBPUSD followed a similar rollercoaster, sliding from 1.3447 to 1.3397, rebounding to 1.3450, and then tumbling to 1.3371 after UK data disappointed. S&P economists noted some bright spots, saying that while the British economy remains sluggish, improving business conditions are easing recession fears.
USDJPY continued to climb overnight, moving from 146.09 to 147.95 by early New York trading. Rising oil prices—usually a drag on Japan’s energy-dependent economy—didn’t dent appetite for dollars. Safe-haven demand for the yen was nowhere to be found despite the geopolitical tensions, and traders ignored the modest uptick in Japan’s manufacturing PMI, which rose to 50.4 in June from May’s 49.4.
AUDUSD didn’t fare well in the risk-off environment, falling within a 0.6376–0.6449 range under the weight of U.S. dollar demand. Australian Manufacturing PMI held steady at 51, but it wasn’t enough to inspire much confidence.
US data is limited to the second tier S&P Global PMI’s and existing home sales.
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