The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
Euro zone sentiment suddenly jumps for the third straight month
In July, euro zone economic sentiment went up moderately for a third consecutive month, reaching a fresh 10-year peak, versus hopes for a sag from June, as data issued by the European Commission on Friday revealed.
This month the sentiment indicator in the EU ascended to 111.2 from June’s reading of 111.1 and May’s outcome of 109.2, powered by more optimism in the services sector.
The average forecast in a Reuters survey of up to 29 economists was for a sag to 110.8 following a leap in June to its maximum in almost a decade.
The given figure confirmed the sturdy revival of the euro zone, with output anticipated to ascend by another half percentage point during the second quarter after firm expansion in the January-March period.
Notwithstanding the unexpected soar in the sentiment, in July, the Commission's business confidence index, pointing to the phase of the economic cycle, edged down to 1.05 from June’s upwardly revised reading of 1.16, the highest result since April 2011.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…