Asian Recap: The Surge In Delta Variant COVID-19 Infection Cases Caused Investors To Turn Back To Safe-Haven Assets
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1️⃣ Asian stock markets closed mixed on Monday as fears of a surge in the COVID-19 case continued to rise.
1️⃣ Safe-haven currencies (USD, JPY, CHF) soared as concerns of a surge in Delta-variant COVID-19 infection cases could affect global recovery.
2️⃣ Gloomy market targets are causing investors to stay away from high-beta currencies such as the AUD and NZD.
3️⃣ A correction in oil prices could affect the strength of CAD. In addition, Canadian retail sales fell 2.1% in May.
1️⃣ WTI crude oil prices fell to $ 71 a barrel amid concerns about a slump in global oil demand as several countries recorded increases in COVID-19 infection cases.
2️⃣ Gold prices soared near the $ 1,810 level as investors turned to safe-haven assets amid a surge in COVID-19 infection cases.
Economic Data Focus On Today
1️⃣ New Zealand Trade Balance for June (06:45 Malaysia Time) — Bullish Prediction — The manufacturing PMI has risen.
2️⃣ German IFO Business Climate for July (16:00 Malaysia Time) — No Prediction — PMIs that are higher compensate for a reduction in German manufacturing orders and industrial production.

3️⃣ US New Home Sales for June (22:00 Malaysia Time) — Bearish Prediction — Existing home sales are declining.