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maarket review 30 June 21

30 June 21

Dollar loiters near recent peaks as payrolls test looms

The dollar was headed for its best monthly rise since March on Wednesday, supported by traders’ trepidation ahead of unpredictable U.S. labour data and by concern that the spread of the Delta coronavirus variant could delay the pandemic recovery.
The dollar has gained about 2.5% against a basket of currencies this month, mostly in the wake of a surprisingly hawkish shift in the Federal Reserve’s rates outlook. Traders think it could move sharply in either direction if labour data this week provides clues as to the pressure on policymakers.
On Wednesday, risk-sensitive and commodity-exposed currencies nursed the largest losses, after the Australian and New Zealand dollars had fallen about 0.7% against the dollar on Tuesday and the Canadian dollar had lost about 0.5%.

U.S. natgas producers hope customers will pay more for ‘green gas’

U.S. natural gas producers hope climate-conscious electric utilities and gas exporters will pay a premium for what they say is “greener gas” that has been certified as coming from low-emission operations or from renewable sources such as landfills.
EQT Corp (NYSE:EQT), Chesapeake Energy (NYSE:CHK) and liquefied natural gas firms Cheniere Energy (NYSE:LNG) and NextDecade (NASDAQ:NEXT) Corp are among the companies considering low-carbon certifications from groups such as Denver-based Project Canary. Gas certified as “responsibly produced” and contributing less emissions could get up to 5% above market prices, or up to 15-cents per thousand cubic feet (mcf), proponents say.
So far, not many customers have been willing to pay the premium — a problem for firms trying to sell lower-carbon versions of fossil fuels. Some European buyers have shunned U.S. shale gas and several U.S. cities including New York and San Francisco have sought to ban new residential gas connections over environmental concerns.

Global shares hold near highs as investors await U.S. jobs data

The MSCI global share index hovered near record highs and Asian shares rose on Wednesday after strong consumer confidence lifted U.S. shares, but investor caution ahead of U.S. jobs data and around rising virus cases capped gains.
European shares were set for a lower open. Pan-region Euro Stoxx 50 futures fell 0.24%, German DAX futures were down 0.17% and {{167|France’s CACAC 40 futures slipped 0.13%. FTSE futures lost 0.19%. MSCI’s global share index was flat set for a fifth straight month of gains a day after hitting an all-time high. MSCI’S index tracking Asian shares outside Japan was set for a small monthly loss, but still on course for a fifth straight quarterly rise, its longest such streak since 2006-2007.
The Asian index was last up 0.13% on the day.
Chinese blue-chips added 0.51%, Australian shares were up 0.16% and set for a ninth straight month of gains, and Seoul’s Kospi rose 0.38%. Japan’s Nikkei turned down from earlier gains to fall 0.07%.

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