The markets in the U.S. will be closed on Monday in observance of the Independence Day holiday. However, other foreign financial and currency markets are expected to remain open for trading.
European shares started the new on a positive note while the Chinese shares traded mixed following the release of weak Services PMI data.
Crude oil prices trading higher on Monday as the oil investors and traders waiting for the final outcome on the OPEC+ alliance's production plan for August.
In the currency market, the US dollar slightly recovered some previous session losses on Monday, but the overall momentum remains mixed after Friday’s correction. On the other hand, the Australian dollar trading steady after the Australian Bureau of Statistics released better-than-expected retail sales data.
The Safe-haven metal holding the previous session gains supported by the weak US dollar. At the time of writing, the metal hovers near the $1790 area.
On the data front, Australia retail sales increased 0.4% from a month earlier in May 2021, following a 1.1% increase in April.
On Friday, the US labor department released the June month Nonfarm payrolls report. The US economy added 850k jobs in June, compared to the estimate of 706k estimate. While the unemployment rate rose to 5.9% from 5.8%.
This week the main highlights of the economic calendar will be the RBA interest rate decision, FOMC and ECB meeting minutes, and Chinese inflation data.
Worldwide, more than 183 million people have been confirmed infected and more than 3.97 million have died. The United States has confirmed over 33.64 million cases and has had more than 604,700 deaths from COVID-19, the highest totals in the world.
GBPUSD: The currency pair trades above the 1.3830 level on Monday. If the bullish momentum continues the next upside levels to watch 1.3880/90. On the downside, the immediate support to watch 1.3800 then 1.3780.
The important levels to watch for today: Support- 1.3800 and 1.3780 Resistance- 1.3880 and 1.3910.
GOLD: The yellow metal trading above $1790 on Monday. The near-term resistance is around $1800, any break over targets $1805/$1810. On the other side, the immediate support is at $1784, and any break will drag the gold to $1780/76 levels.
The important levels to watch for today: Support- 1784 and 1776 Resistance- 1797 and 1805.
Quote of the day: Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. Benjamin Graham.
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