Today's Focus: RBA Meeting| KOL Analysis•Fanny Arianti Arief

The dollar weakened yesterday after data showing US service industry activity rose sharply in June, weakening the dollar's safe haven prestige. US ISM non-manufacturing PMI rebounded sharply from a previous contraction of 45.4 in May, to 57.1 in June. This figure far exceeds the expectations of analysts who predicted an increase of 50.0. The figure also almost returned to pre-pandemic levels. Other data, PMI's final service also improved, from a previous contraction of 46.7 in May to a contraction of 47.9 in June, above the forecast of 47.0. However, the outbreak of corona virus infection has forced some restaurants and bars to close again, threatening the recovery that is starting to emerge. The dollar index, which measures the weight of the dollar over six other major world currencies fell 0.43% to 96.76. Previously the dollar index had touched the lowest point since June 24.

The Chinese Yuan recorded its best performance on the US dollar since December after investors hunted for risky assets amid growing expectations of a strong Chinese economic rebound, as well as solid US economic data that pushed down demand for safe-haven dollars. Chinese Yuan rose to 7,015, the highest since March 17.

Futures on COMEX gold prices rose yesterday, although at the same time the stock market in the US has increased. The strengthening of gold was driven by the weakening of the dollar. However, the rise in gold was limited by solid US economic data, which reduced safe haven demand. The Institute for Supply Management's (ISM) non-manufacturing index rose sharply to 57.1% in June from 45.4% in May, better than the 50.0 forecast, and marked the biggest increase since the index was recorded in 1997.

Oil prices moved mixed yesterday, with Brent oil strengthened thanks to tight supplies and positive economic data, while WTI oil corrected tips due to concerns that the increasing number of cases of corona virus could disrupt oil demand in the US. Brent oil rose about 0.1% to $ 42.62, while WTI dropped 1% to $ 40.25. In four days in July, 15 US states reported a record increase in the new case of Covid-19, which had infected nearly 3 million US citizens and killed around 130 thousand. Meanwhile, Chinese economic data showed economic recovery, being a positive catalyst for oil. In addition, Saudi Arabia's decision to raise its oil premium by $ 1 a barrel also helped boost sentiment. Oil prices also rose after service activity in the US rose sharply to pre-pandemic levels.

Asian stocks are poised to strengthen today as rising expectations of an economic rebound in China and the revived US service industry, allaying fears about a surge in the corona virus in the US. Australian stock index futures & P / ASX 200 rose 0.52%, while the Nikkei index rose 0.07% and Hang Seng rose 0.68%. The S&P 500 index futures also gained 0.08%.

Today's Focus: RBA Meeting

The Reserve Bank of Australia (RBA) will hold its meeting today, which is expected to keep interest rates at 0.25%. The low interest rate has been maintained by the RBA since March. Investors will find out central bank officials' statements regarding the direction of interest rates going forward. While economic data that is worth listening to are industrial production from Germany.

[About The Author]

Fanny has started her self-learning of Forex since 2005 and has joined an Indonesian broker as a financial consultant in 2009. Through “trial and error”, she has learnt a lot from failure experiences. She is now a renowned trainers for the forex beginners and has helped the clients to get the profits from trade.

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