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Dollar Falls in Payrolls Wake; Fed Minutes Seen Key
The dollar sold off in early European trade Tuesday, continuing its post nonfarm payrolls weakness, while both the Australian and New Zealand dollars strengthened amid signs that these economies are recovering strongly.
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.4% lower at 92.028,.
USD/JPY was down 0.1% at 110.81, EUR/USD rose 0.3% to 1.1893, while GBP/USD rose 0.3% to 1.3893, benefiting from U.K. Prime Minister Boris Johnson announcing on Monday that all Covid restrictions are expected to be lifted in England in two weeks’ time.
The dollar has been dropping since Friday’s jobs report, as although the release was upbeat, in that 850,000 jobs were added in June, it wasn’t sufficiently strong to push the Federal Reserve into tapering its asset buying anytime soon.
Gold was up on Tuesday morning in Asia and was close to a two-week high. A weaker dollar also gave the yellow metal a boost and investors await the release of the minutes from the U.S. Federal Reserve’s latest policy meeting.
Gold futures rose 0.80% to $1,797.65 by 11:34 PM ET (3:34 AM GMT) after hitting its highest since June 18 at $1,794.86 on Friday. The dollar, which usually moves inversely to gold, was down on Tuesday morning after hitting a three-month high at the end of the previous week.
U.S. markets were closed on Monday for a holiday.
Investors remain focused on the minutes from the Fed’s June meeting, due on Wednesday, for further clues about the central bank’s surprise hawkish stance in the policy decision handed down after that meeting. They also await the Reserve Bank of Australia’s policy decision, due to be released later in the day.
European Stock Futures Lower; Rising Oil Prices Dent Sentiment
European stock markets are seen opening lower Tuesday, as investors digest the collapse in talks over oil production levels between a group of major producers and the associated rise in prices.
At 2:05 AM ET (0605 GMT), the DAX futures contract in Germany traded 0.1% lower, CAC 40 futures in France dropped 0.1% and the FTSE 100 futures contract in the U.K. fell 0.3%.
The Organization of the Petroleum Exporting Countries and allies, a grouping known as OPEC+, abandoned oil output talks on Monday, carried over from Friday, after failing to agree a deal to boost production.
Any production deals within the group have to be agreed unanimously, and the United Arab Emirates rejected a proposal that would have increased output by about 2 million barrels a day between August and December 2021, as well as keeping the remaining limits on output to the end of 2022.
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