Headlines:
Markets:
- CAD leads, NZD lags on the day
- European equities lower; S&P 500 futures down 0.3%
- US 10-year yields up 0.6 bps to 4.429%
- Gold up 0.4% to $3,370.11
- WTI crude up 1.3% to $69.36
- Bitcoin up 2.1% to $121,576
It was a slower session in general as markets digest Trump’s latest tariffs threat over the weekend. He said that he will slap the EU and Mexico with 30% tariffs on 1 August and that weighed on the risk mood early on. The dollar also caught a decent bid in Asia but have seen most of that retrace in European trading.
That left major currencies in a bind, with dollar pairs mostly little changed now ahead of US trading. EUR/USD is flat at 1.1690 with USD/JPY also in a similar spot at 147.35 currently. GBP/USD is down 0.1% to 1.3483 while USD/CAD is down 0.1% to 1.3670. The antipodes are the laggards amid the softer risk mood, with AUD/USD down 0.2% to 0.6568 and NZD/USD down 0.3% to 0.5991.
Overall, not too much happening in the FX space.
As for equities, we are seeing some decent moves. Amid tariff concerns, European stocks are seeing red with the DAX down by nearly 1%. Things didn’t get any worse since the open at least and some regional shares are paring some losses at least during the session. US futures also nudged a little higher, cutting losses from 0.6% to 0.3% ahead of the open later.
Instead, the standout mover to start the week has been Bitcoin once again as the cryptocurrency rallies to fresh record highs. That didn’t extend further in European morning trade with price hovering just above $120,000. However, the bullishness is still holding for now amid a broader rally in cryptocurrencies.
As Bitcoin surges, gold is also catching a modest bid as the precious metal climbs to $3,370 while silver has also surged higher to hit $39 for the first time since 2011. Power to the masses.
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