Morning Market Brief - EURUSD - XAUUSD - GBPUSD

Hello Traders,

Welcome to another daily market brief brought to you by LEFTURN.

Here are some key takeaways for today's video

Yesterday the European Commission provided a downbeat assessment of the EU economy stating that the recovery may be faltered as a surge of the new COVID infections prompt states to delay and in some cases reverse plans to let stores reopen.

The EU executive said the Eurozone would contract by a record of 8.7% this year before growing by 6.1% the following year in 2021. Earlier in May (2 months ago) the commission had a forecast
of 7.7%

Next Thursday we do have another ECB Meeting.

US. May target the Hong Kong Peg

The threat of U.S. action to undermine Hong Kong’s longstanding U.S. dollar peg is highly unlikely to become reality given the practical difficulties of pursing such a path and the damage it would do to U.S. interests, economists say.

Economists reacted after a report that some advisers to President Donald Trump want the U.S. to undermine the Hong Kong dollar peg as the administration considers options to punish China for limiting Hong Kong’s autonomy, according to people familiar with the matter. Hong Kong has pegged its currency to the U.S. dollar since 1983, allowing it to fluctuate within a fairly strict band that has centered around 7.8 per U.S. dollar.

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7:am UK Chancellor Rishi Sunak
The chancellor will make a summer statement, which has been dubbed the "mini-Budget", announcing his plans for the next stage of the UK's economic recovery in the Commons later today (July 8).


Just last week 12,000 jobs were lost in one day with cuts at Upper Crust, Airbus and EasyJet, while unemployment is expected to hit 2 million by Christmas.

A new £2billion "Kickstart Scheme" will be unveiled today aimed at finding work for 350,000 jobless Brits.

Under the initiative, the government will pay towards six months of wage costs for 16- to 24-year-olds on Universal Credit who are hired by employers.

It will cover 100 per cent of the minimum wage for a maximum of 25 hours a week with firms able to top up wages.

The Kickstart Scheme will cost the state an average of £6,500 for each job. But Mr Sunak hopes it will trigger a mass hiring spree by firms when it opens next month.

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