Asian share markets may claw back some losses on Tuesday after a surprise ‘No’ vote in Greece’s referendum Sunday sparked a selloff in the previous session. The unexpected results raised fear that Greece could be forced to leave the euro zone, putting more strain on the European economy and impacting the stability of the currency union.
Japan’s Nikkei 225 may rebound after tanking 2.1 percent to a one-week closing low. Chicago and Osaka futures traded at 20,340 and 20,240, both above the benchmark index’s previous close of 20,112.
Australian equities will see a cautious start ahead of the Reserve Bank of Australia’s (RBA) policy meeting. Local futures edged up 0.3 percent to 5,451, a 23-point discount to the underlying S&P ASX 200 index.
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AUD/USD remains firm above 0.6600 ahead of RBA
AUD/USD maintains its bullish bias well and sound on Monday, extending the multi-session recovery past the 0.6600 barrier ahead of the key interest rate decision by the RBA.
EUR/USD keeps the constructive tone near 1.0800
EUR/USD started the week in a positive note amidst the Dollar’s inconclusive price action, altogether motivating the pair to attempt a move to the proximity of the 1.0800 region, where the 200-day SMA also converges.
Gold holds on to modest gains around $2,320
Gold trades decisively higher on the day above $2,320 in the American session. Retreating US Treasury bond yields after weaker-than-expected US employment data and escalating geopolitical tensions help XAU/USD stretch higher.
Bitcoin price holds above $63K as MicroStrategy tops BTC ownership list
Bitcoin (BTC) price recorded a rather bold two days this past weekend in a surge that saw millions in positions liquidated. However, the week is off to a calm start with altcoins sucking liquidity from the BTC market.
Stagflation warning: Service economy contracts as prices rise
In another stagflation warning sign, the U.S. service sector contracted in April even as service prices rose. The Institute for Supply Management's non-manufacturing PMI dropped to 49.4 in April, dipping from 51.4 in March.