Market Updates at a Glance 05/7/22 (Tuesday)

☛Quiet Day as U.S. Holiday. Risk sentiment remained wobbly ahead of FOMC.

➤U.S. stocks market closed on Independence Day, July 4. Last Friday, U.S. stocks saw modest gains at the start of the new quarter after the major indices posted their worst quarterly performance since the first quarter of 2020.

➤It’s a quieter day due to holiday in the U.S. .The US dollar index was flat at 105.13 with the yield on 10-year Treasury edged slightly higher to 2.92%. PMI, a measure of US manufacturing activity fell in June to a two-year low of 53 vs last month's 56.10, indicating new orders contracted & some softening in demand.

➤GBP & EUR were little changed against usd with GBP above 1.21 (+0.07%), while EUR closed at 1.0422 (-0.05%). Germany experienced its 1st trade deficit since 1991.

➤AUDUSD climbed to 0.6865 (+0.72%). Market expected a 50 bps rate hike in the RBA meeting, which is scheduled for release later.

➤USDMYR is jumping to 4.411 (+0.12%) as of writing, ahead of the upcoming MPC (Monetary Policy Committee) meeting. Maybank IB expects the BNM (central bank) to raise the overnight policy (OPR) by another 100 bps to 3% by the first half of 2023.

➤USDCNH was flat at 6.6957. China's June manufacturing activity expanded at its fastest pace in 13 months in June, with the PMI rose to 50.2 in June from 49.6 in May, marking the first expansion since February after authorities ended the lockdown in Shanghai.

➤Oil (Brent) gained nearly2% to $113.74 on supply concerns with unrest in Libya as political crisis takes toll. Gold was little changed at $1808.

➤BTC reclaimed $20,000 level. ETH ended higher, near $1150, while XRP closed at $0.3277.

☛Upcoming high impacts events/news (GMT+8):

RBA Rate Statement-AUD-5/7-12.30pm

EU Economic Forecasts & ECB's minutes-EUR-6/7-5pm

FOMC-USD-7/7-2am

Non-Farm Payroll-USD-8/7-8.30pm

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