Morning wrap (05.07.2021)

• Stocks in Asia traded mixed at the beginning of a new week. Nikkei and indices from China dropped while Kospi and S&P/ASX 200 gained

• DAX futures point to a slightly lower opening of the European session

• OPEC+ failed to reach an agreement on output on Friday. Talks will resume today

• ECB member Knot said that coronavirus support should start to be withdrawn in May 2022

• German Economy Minister Altmaier said he does not support idea of issuing joint EU debt to finance €750 billion recovery fund

• According to media reports, Fed Chair Powell met with Coinbase CEO in May

• Australian retail sales increased 0.4% MoM in May (exp. 0.1% MoM). Building approvals in Australia were 7.1% MoM lower in May (exp -5% MoM)

• Chinese Caixin/Markit services PMI index dropped in June from 55.1 to 50.3 pts (exp. 54.8)

• Precious metals, oil and industrial metals trade higher on Monday. Agricultural good trade mixed

• Bitcoin trades near $34,000 mark

• EUR and USD are the best performing major currencies while NZD and CAD lag the most

Following 2 weeks of sideways trading near 200-session moving average, SILVER looks to have finally caught a bid. Precious metals rallied on Friday and the move is being continued today. Key resistance zone to watch can be found at $28.00 per ounce. Source: xStation5