Asian Recap: GBP Weighed Down After Disappointing Inflation Report, USD Remains Strong Amid COVID-19 Spread Concerns
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Inflation report, benefits, forex, trading, trade

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MARKET RECAP
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1️⃣ Asian stock markets closed positive after Japan’s trade balance report showed a high increase in exports.

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FOREX RECAP
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1️⃣ Concern about the spread of COVID-19 variant Delta around the world is increasing demand on safe-haven assets such as the US dollar.

2️⃣ GBP declined after the annual inflation rate in the UK dropped to 2.0% in July.

3️⃣ High-beta currencies (AUD, NZD, CAD) pressured amid concerns over COVID-19 outbreak.

4️⃣ A decline in US Treasury yields boosted demand for the JPY.

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COMMODITIES RECAP
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1️⃣ WTI crude traded below the $ 67 a barrel level, as investors assessed a demand survey amid a surge in the COVID-19 case.

2️⃣ Gold jumped above $ 1,790, amid COVID-19 spread concerns.

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Economic Data Focus On Today
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1️⃣ New Zealand PPI for Q2 (06:45 Malaysia Time) — Bullish Prediction — New Zealand CPI increased.

2️⃣ RBNZ Rate Decision for August (10:00 Malaysia Time) — No Prediction — No prediction from the central bank.

3️⃣ UK CPI for July (14:00 Malaysia Time) — Bullish Prediction — Prices components in both manufacturing and services sectors grew sharply.

4️⃣ Eurozone Final CPI for July (17:00 Malaysia Time) — No Prediction — No prediction on revisions data.

5️⃣ US Housing Starts for July (20:30 Malaysia Time) — No Prediction — No prediction on the data.

6️⃣ Canadian CPI for July (20:30 Malaysia Time) — Bearish Prediction — The price component of IVEY PMI was declined.