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Bob Mason
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Earlier in the Day:

It was a particularly quiet start to the week on the economic calendar. There were no material stats for the markets to consider through the early part of the Asian session.

A lack of stats left the markets to consider the latest COVID-19 numbers and updates from the weekend and the rising tension between the U.S and China.

Looking at the latest coronavirus numbers

On Sunday, the number of new coronavirus cases rose by 156,610 to 11,535,528. On Saturday, the number of new cases had risen by 393,825. The daily increase was lower than Saturday’s rise while up from 136,417 new cases from the previous Sunday.

Germany, Italy, and Spain reported 322 new cases on Sunday, which was down from 1,612 new cases on Saturday. On the previous Sunday, just 650 new cases had been reported.

From the U.S, the total number of cases rose by 40,401 to 2,976,171 on Sunday. On Saturday, the total number of cases had surged by 107,457. On Sunday, 28th June, a total of 35,905 new cases had been reported.

The Majors

At the time of writing, the Japanese Yen was down by 0.22% to ¥107.75 against the U.S Dollar. The Aussie Dollar was up by 0.29% to $0.6959, with the Kiwi Dollar up by 0.34% at $0.6553.

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The Day Ahead:

For the EUR

It’s a relatively busy day ahead on the economic calendar. From Germany, May’s factory orders are due out, with May retail sales and June’s Construction PMI due from Germany.

While we would expect Germany’s factory orders to provide direction, risk sentiment will likely be the key driver.

Concerns over the spike in new COVID-19 cases in the U.S could weigh on risk sentiment later in the day. Much will depend on the news wires.

At the time of writing, the EUR was up by 0.20% to $1.1270.

For the Pound

It’s a quiet day ahead on the economic calendar. June’s Construction PMI is due out later this morning.

Any influence on the Pound will likely be short-lived, however, with the Pound likely to be in the hands of Brexit.

Updates from the weekend suggested that the chances of a no-deal departure from the EU had risen sharply.

Risk sentiment will also influence. The risk-on sentiment limited the downside for the Pound early on.

At the time of writing, the Pound was down by 0.01% to $1.2482.

Across the Pond

It’s a relatively busy day ahead for the U.S Dollar. Key stats include the market’s preferred ISM Manufacturing PMI for June and the finalized Markit survey services PMI.

Expect the ISM figures to have the greatest impact on the day.  The markets will be expecting some impressive numbers…

We can expect plenty of chatter from the U.S administration, who has moved into damage control.

At the time of writing, the Dollar Spot Index was down by 0.12% to 97.051.

For the Loonie

It’s a quiet day ahead on the calendar. There are no material stats due out of Canada to provide the Loonie with direction.

While there are no stats, the BoC will release the Business Outlook Survey later in the day. Expect the results of the survey to provide the Loonie with direction upon release.

Over the course of the day, any threat of a wider pause on the easing of lockdown measures would weigh on the Loonie. There is also the rising tension between the U.S and China to also consider. It’s no longer just a trade war that the markets may be in fear of.

At the time of writing, the Loonie was down by 0.01% to C$1.3548 against the U.S Dollar.

For a look at all of today’s economic events, check out our economic calendar.

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