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Yen lower, oil climbs ahead of OPEC+ meeting

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Forex news from the European trading session – 1 July 2021

Headlines:

Markets:

  • NZD leads, JPY lags on the day
  • European equities mixed; S&P 500 futures up 0.1%
  • US 10-year yields up 0.7 bps to 1.478%
  • Gold up 0.3% to $1,775.71
  • WTI up 2.4% to $75.20
  • Bitcoin down 2.9% to $33,568

There weren’t much headlines of note outside of the typical pre-OPEC+ meeting rumours, though there was some decent action in the market during the session.

Equities meandered for the most part alongside bonds, with market participants still keeping a watchful eye on tomorrow’s US jobs data for further clues.

In FX though, the yen fell as USD/JPY buyers capitalised on a technical break above 111.00 yesterday to push price to its highest levels since March last year. That said, gains stalled when nearing the resistance region at the time at around 111.50-71.

Other major currencies stay little changed in general, though the pound did recover after a drop from 1.3800 to 1.3766 back to the figure level currently.

Elsewhere, talk of OPEC+ proposing a gradual easing of output cuts by 400k bpd from August to December is lighting a fire under oil as it gains by over 2% to above $75.



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