What drives the market on July 1?
The market sentiment is mixed. Let’s look at most interesting movements on the market today.
China will punish companies for fake trade data
China is on the verge of punishing companies if they are caught reporting fake trade data, as the customs administration informed on Tuesday, as it released details on enforcement of a credit system for foreign trade companies.
Companies found discredited might be subject to more stringent inspections when applying for government tax rebates. They might also face an impact on their export or import quotas, while company representatives might be restricted from traveling abroad.
Measures announced by the customs administration as well as 33 government departments will punish firms for various infractions including tax avoidance, smuggling goods, fake company registration information, not to mention fake trade data, as customs bureau vice minister Li Guo told.
Experts tell that Chinese companies have utilized fake trade invoices just to move money offshore and dodge China's strict capital controls.
The Chinese authorities have tightened oversight of cross border capital flows for the last time as accelerating outflows greatly contributed to a weakening Yuan, which lost 6.5% against the greenback last year.
Similar
Will the NFP push the USD again?
Non-Farm Payrolls data will be released on Thursday at 15:30 MT time.
Will the European labor dynamic boost the EUR?
The European unemployment rate will be announced on Thursday at 12:00 MT time.
Latest news
The RBA: keeping the AUD alive?
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
What will affect markets on July 3?
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
How to trade on July 2?
The risk-on tone is back on the market again. Let’s look at main trading opportunities.
Deposit with your local payment systems
