New Zealand QV House Prices (YoY) Jun: 13.5% (prev 12.4%)
New Zealand Business Confidence Index Q2: 19 (prev 2)
PBOC Fixes Yuan Reference Rate at 6.6594 (prev close 6.6652)
YouGov/CEBR Poll: 49% of UK firms pessimistic on economic outlook (25% were pre-Brexit)
NZ PM Key: RBNZ should create tighter rules for property investors – BBG via Interest
Australian PM Turnbull: Still confident of securing majority government – BBG
The RBA decided to keep rates unchanged today, as expected by the market. There were no significant changes in the monetary policy statement, although the central bank noted that “over the period ahead, further information should allow the Board to refine its assessment”. AUD/USD rallied slightly after the announcement, rising from 0.7515 to 0.7542.
USD/JPY declined overnight, as losses in Asian stock markets weighed on the pair. It fell from 102.50 in the early session to a low of 102.00. Support is seen at 101.50 and 100.80, while resistance now lies at 102.80 and 103.00. EUR/USD was quiet, trading in a 1.1125-55 range, while GBP/USD consolidated between 1.3240 and 1.3290.
Silver continues to retrace after its rally above 21 on Monday morning. The metal declined from 20.30 to a low of 19.50 and liquidity seems to be rather poor. Gold has not seen such a sharp increase in volatility and only fell from $1350 to $1338 overnight.
08:45 BST – Italian Services PMI
08:50 BST – French Services PMI
08:55 BST – German Services PMI
09:00 BST – Euro Zone Services PMI
09:30 BST – UK Services PMI
10:00 BST – Euro Zone Retail Sales
10:30 BST – Bank of England Financial Stability Report
10:30 BST – Bank of England Governor Carney speaks