New Record Cases In Sydney Casts A Pall Over Australia

Jul. 23, 2021 7:10 AM ETUUP, FXE, FXY, UDN, EUO, FXC, FXA, FXB, CYB, YCS, USDU, ERO-OLD, CEW, CNY, ULE, GBB-OLD, DRR, JYNFF, CROC, EUFX, YCL, URR, UJPY, DGBP, AYT, PGDDF, UEUR, UGBP, DAUD, DLBR, JEMTF, UAUD2 Comments
Marc Chandler profile picture
Marc Chandler
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Summary

  • The dovish ECB's forward guidance and the unexpected rise in weekly US jobless claims to a two-month high sent bond yields tumbling. The US 10-year pulled back from 1.30%, and benchmark yields in the eurozone fell to new 3-4 month lows.
  • New record virus cases in Sydney cast a pall over Australia. The preliminary PMI's weakness gives a sense of the economic impact. Manufacturing slowed to 56.8 from 58.6, but it was services that are bearing the brunt, with service PMI falling to 44.2 from 56.8.
  • Equities were mixed in the Asia-Pacific region. Chinese, Hong Kong, and Taiwanese markets fell, while South Korea, Australia, and Indian markets advanced.
  • European shares are higher for the fourth consecutive session, lifting the Dow Jones Stoxx 600 to around 0.2% from record levels.
  • The dollar is firm against most of the major currencies. Onthe week, the Canadian dollar is the strongest of the majors, up about 0.35%.

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Overview

The combination of the dovish ECB's forward guidance and the unexpected rise in weekly US jobless claims to a two-month high sent bond yields tumbling. The US 10-year pulled back from 1.30%, and benchmark yields

This article was written by

Marc Chandler profile picture
15.4K Followers
Marc Chandler has been covering the global capital markets in one fashion or another for 25 years, working at economic consulting firms and global investment banks. A prolific writer and speaker he appears regularly on CNBC and has spoken for the Foreign Policy Association. In addition to being quoted in the financial press daily, Chandler has been published in the Financial Times, Foreign Affairs, and the Washington Post. In 2009 Chandler was named a Business Visionary by Forbes. Marc's commentary can be found at his blog (www.marctomarket.com) and twitter www.twitter.com/marcmakingsense

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