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Collinson’s remains operational as normal during NZ Level 4 Lockdown. Please contact your dealers via Phone, email, text or via our app

Daily Market Commentary 6th July 2021

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A carry-over holiday in the USA, for Independence Day, meant no real action on global markets overnight. PMI data across Asia and Europe were about the only focus. Chinese and Japanese Manufacturing and Composite PMI was weaker than expected, along with the Australian, while EU data was flat but remained at very high levels. US markets remained closed so the Dollar did very little, with the EUR trading 1.1850, while the GBP hit 1.3850.

Oil prices pushed up to US$76.35/barrel, while gold also crept towards US$1800. The Australian PMI data was a disappointment, following weaker than expected construction numbers and a 7.1% contraction in Building Permits. The RBA will release their updated monetary policy today, with no moves expected, while commentary is likely to include warnings of the impact and dangers of the virus. The AUD traded 0.7525, while the NZD held above 0.7000, awaiting key Business Confidence data to be released later today.

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