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    Calm market amid holiday in the US

    Markets are rather calm in the evening as Wall Street is closed today due to Independence Day in the United States. Low volume favors lower volatility, but also corners on the market. Simiar we saw in the afternoon on the British Pound which gained about 50 pips versus the US dollar on hope that UK would support the economy along with Bank of England. 

    Stock markets in Europe ended the session lower after a few gaining days thanks to better sentiment over Brexit. FTSE lost 0,84% at the end of the session after erasing all losses post-Brexit last week. Losses might be bigger today but huge gains on the commodity market lifted mining stocks, especially those associated with silver which gained as much as 7% on daily basis due to huge purchases from China. 

    Oil was rather flat today, gaining in the morning due to break of ceasefire in Nigeria. Oil is lower about 0,5% at the end of session amid low volume on the market. Thanks to stable oil and huge gains on silver, Canadian dollar is the strongest currency in G10. 

    Australia could be a step closer to losing its vaunted triple A credit rating after a deeply divided electorate left the country in limbo and foreshadowed a hung parliament where no party holds outright power. The uncertain outcome of Saturday’s federal election heightened fears Australia could be consigned to three years of minority government and paralysis on budget reform, a scenario that is expected to cause market jitters on Monday. Despite fears, AUD was the third strongest currency in G10 ahead of RBA decision on monetary policy during Asian session. Market consensus does not expect any change of interest rates, but worse sentiment over Brexit may lead to adjust policy later this year. 

    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

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