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02.07.2020
05:50 PM


South Africa Current Account Swings To Surplus

South Africa's current account posted surplus in the first quarter for the first time since 2003, South African Reserve Bank said Thursday.

The balance on the current account of the balance of payments logged a surplus of ZAR 69.7 billion, which was the first surplus since the first quarter of 2003. The deficit totaled ZAR 68.1 billion in the fourth quarter of 2019.

The current account balance as a ratio of gross domestic product came in at +1.3 percent in the first quarter versus -1.3 percent in the fourth quarter.

With the domestic lockdown restrictions only effective as from late March, the effects of the covid-19 pandemic on imports and exports were still limited in the first quarter.

The trade surplus more than doubled to ZAR 208.0 billion from ZAR 102.5 billion in the fourth quarter.

The shortfall on the services, income and current transfer account narrowed substantially further to ZAR 138.2 billion from ZAR 170.6 billion in the fourth quarter.


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02.07.2020
05:46 PM


U.S. Trade Deficit Widens More Than Expected In May

With the value of exports falling by much more than the value of imports, the Commerce Department released a report on Thursday showing the U.S. trade deficit widened more than expected in the month of May.

The Commerce Department said the trade deficit widened to $54.6 billion in May from a revised $49.8 billion in April.

Economists had expected the trade deficit to widen to $53.0 billion from the $49.4 billion originally reported for the previous month.

The wider than expected trade deficit came as the value of exports plunged by 4.4 percent to $144.5 billion, while the value of imports slid by 0.9 percent to $199.1 billion.


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02.07.2020
05:42 PM


U.S. Weekly Jobless Claims Dip Much Less Than Expected

A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits fell by much less than expected in the week ended June 27th.

The Labor Department said initial jobless claims dropped to 1.427 million, a decrease of 55,000 from the previous week's revised level of 1.482 million.

Economists had expected jobless claims to tumble to 1.355 million from the 1.480 million originally reported for the previous week.

The report also showed an increase in continuing claims, a reading on the number of people receiving ongoing unemployment assistance, which climbed by 59,000 to 19.290 million in the week ended June 20.


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02.07.2020
05:40 PM


Loonie Mixed Following Canada Trade Data

Following the release of Canada trade data for May at 8:30 am ET Thursday, the loonie traded mixed against its major counterparts. While it rose against the greenback and the yen, it changed little against the aussie and the euro.

The loonie was trading at 79.01 against the yen, 0.9419 against the aussie, 1.5333 against the euro and 1.3591 against the greenback around 8:34 am ET.


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02.07.2020
05:38 PM


Dollar Mixed Following U.S. Jobs Data

After the release of the U.S. jobs report for June, trade data for May and weekly jobless claims for the week ended June 27 at 8:30 am ET Thursday, the greenback traded mixed against its major counterparts. While it rose against the yen, it changed little against the rest of major counterparts.

The greenback was trading at 107.50 against the yen, 0.9438 against the franc, 1.2527 against the pound and 1.1290 against the euro around 8:34 am ET.


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02.07.2020
05:38 PM


U.S. Employment Spikes More Than Expected In June

After reporting an unexpected jump in employment in the U.S. in the previous month, the Labor Department released a report on Thursday showing another record spike in employment in the month of June.

The report said non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs in May.

Economists had expected employment to surge up by about 3.0 million jobs compared to the spike of 2.5 million jobs originally reported for the previous month.

The Labor Department also said the unemployment rate dropped to 11.1 percent in June from 13.3 percent in May. The unemployment rate had been expected to dip to 12.3 percent.


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02.07.2020
05:33 PM


Eurozone Unemployment Rises Less Than Expected

Despite a deep recession, the euro area jobless rate rose only marginally in May as the short-time work programs of member countries to support jobs amid the downturn caused by the coronavirus pandemic suppressed actual unemployment.

The unemployment rate climbed to 7.4 percent in May from 7.3 percent in April, data released by Eurostat showed Thursday. In the same period last year, the jobless rate was 7.6 percent.

However, the unemployment rate was below the economists' forecast of 7.7 percent.

The number of people out of work increased by 159,000 persons from April to 12.146 million in May.

The unemployment rate among the euro area youth aged below 25 increased to 16 percent in May from 15.7 percent in April.

Furlough schemes across the member countries helped to prevent people from becoming unemployed altogether.

In the months ahead, the surprisingly stable Eurozone unemployment rate is likely to continue to creep up, Bert Colijn, an ING economist said.

This is simply because the economy is unlikely to reach the level of pre-crisis output anytime soon, leading to inevitable job losses especially when short-time work schemes draw to a close, the economist added.

In the EU27, the jobless rate increased marginally to 6.7 percent from 6.6 percent in April.

Data released by Spain's labor ministry showed that unemployed rose by 5,107 or 0.1 percent from the previous month, which was the first increase in June since 2008.

Germany's unemployment also increased at a much slower pace in June due to the short-time work program. Unemployment increased by 69,000 in June, official data showed Wednesday.

However, in Italy, the jobless rate rose to 7.8 percent from 6.6 percent in April, the statistical office Istat reported Thursday.


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02.07.2020
05:32 PM


*Canadian Trade Deficit Narrows To C$677 Million In May

Canadian Trade Deficit Narrows To C$677 Million In May


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02.07.2020
05:32 PM


*U.S. Trade Deficit Widens To $54.6 Billion In May

U.S. Trade Deficit Widens To $54.6 Billion In May


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02.07.2020
05:31 PM


*U.S. Initial Jobless Claims Dip To 1.427 Million In Week Ended 6/27

U.S. Initial Jobless Claims Dip To 1.427 Million In Week Ended 6/27


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02.07.2020
05:31 PM


*U.S. Unemployment Rate Drops To 11.1% In June

U.S. Unemployment Rate Drops To 11.1% In June


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02.07.2020
05:31 PM


*U.S. Employment Spikes By 4.8 Million Jobs In June

U.S. Employment Spikes By 4.8 Million Jobs In June


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02.07.2020
05:24 PM


Loonie Steady Ahead Of Canada Trade Data

At 8:30 am ET Thursday, Statistics Canada will release Canada trade data for May. Ahead of the data, the loonie held steady against its major counterparts.

The loonie was worth 79.01 against the yen, 0.9416 against the aussie, 1.5343 against the euro and 1.3597 against the greenback as of 8:25 am ET.


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02.07.2020
05:24 PM


Dollar Steady Ahead Of U.S. Jobs Data

At 8:30 am ET Thursday, the U.S. jobs report for June, trade data for May and weekly jobless claims for the week ended June 27 are due.

Ahead of these data, the greenback held steady against its major counterparts.

The greenback was worth 107.42 against the yen, 0.9432 against the franc, 1.2514 against the pound and 1.1287 against the euro as of 8:25 am ET.


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02.07.2020
04:04 PM


*S. Africa Q1 Current Account Surplus ZAR 69.7 Bln Vs. -ZAR 68.1 Bln In Q4

S. Africa Q1 Current Account Surplus ZAR 69.7 Bln Vs. -ZAR 68.1 Bln In Q4


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02.07.2020
04:02 PM


Dollar Lower Ahead Of U.S. Payrolls Data

The U.S. dollar lost ground against its major counterparts in the European session on Thursday, as hopes for development of a coronavirus vaccine and positive economic data world wide underpinned risk sentiment.

Sentiment improved after a Covid-19 vaccine developed by German biotech firm BioNTech and U.S. pharmaceutical giant Pfizer showed potential and was found well tolerated in early-stage human trials.

The Department of Labor's June jobs report will be released at 8:30 am ET, a day earlier than usual, in observance of the Independence Day holiday.

The U.S. economy is expected to have added 3 million jobs in June, up from a gain of 2.5 million jobs in May.

While German factory sector contracted at a slower pace in June, manufacturing data from China and the U.S. topped forecasts. Wednesday's encouraging data fueled hopes of a global economic recovery from the pandemic.

The greenback fell to a 9-day low of 0.9427 against the franc, 8-day lows of 1.2527 against the pound and 1.1303 against the euro, from its early highs of 0.9464, 1.2461 and 1.1248, respectively. The next likely support for the greenback is seen around 0.92 against the franc, 1.28 against the pound and 1.14 against the euro.

The greenback dropped back to 107.34 against the yen, not far from a 3-day low of 107.33 set in the Asian session. The greenback is likely to find support around the 104.00 level. The greenback slipped to 0.6520 against the kiwi, its lowest level since June 23. Next key support for the greenback is seen around the 0.67 region.

The greenback pulled back to 0.6937 against the aussie and 1.3576 against the loonie, from its early high of 0.6905 and a 2-day high of 1.3611, respectively. The greenback is seen finding support around 0.72 against the aussie and 1.33 against the loonie.

Looking ahead, U.S. and Canadian trade data for May, U.S. jobs report for June, factory orders for May and weekly jobless claims for the week ended June 27 are due in the New York session.


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02.07.2020
04:00 PM


Eurozone Producer Prices Decline Further

Eurozone producer prices continued to decline in May amid falling energy prices, data from Eurostat showed on Thursday.

Producer prices decreased 5.0 percent on a yearly basis in May, following a 4.5 percent decline in April. Economists had expected a fall of 4.8 percent.

Excluding energy, producer prices declined 0.6 percent in May after a 0.3 percent fall in the prior month. Energy prices declined 17.2 percent in May.

On a month-on-month basis, producer prices fell at a slower pace of 0.6 percent in May following a 2.0 percent decrease in April. This was the fourth straight decline in prices. Economists had forecast the prices to fall 0.5 percent.

In the EU27, industrial producer prices fell 0.5 percent monthly in May and 4.6 percent from a year ago.


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02.07.2020
03:58 PM


Spain Unemployment Rises In June

Spain's unemployment increased marginally in June as containment measures to curb the spread of coronavirus weighed on the labor market, data from the Ministry of Labor, Migration and Social Security revealed on Thursday.

In June, the number of registered unemployed rose by 5,107 or 0.1 percent from the previous month. The unemployment had increased sharply by 26,573 in May and by 282,891 in April.

This was the first increase in unemployment for June since 2008. Unemployment usually decrease in the month of June.

The total number of jobseekers was 3.86 million in June, the highest since May 2016. Unemployment increased in all sectors except agriculture. In the service sector, unemployment fell 27,319 and declined 15,927 in construction. Industry reported a decrease of 7,770.

Meanwhile, unemployment increased by 25,342 in agriculture.


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02.07.2020
03:41 PM


Gold Edges Higher Ahead Of U.S. Payrolls Data

Gold prices rose slightly on Thursday and the dollar dipped as investors look ahead to the U.S. Labor Department's closely watched monthly employment report for June later in the day for further clues about the health of the world's largest economy.

Spot gold edged up 0.2 percent to $1,773.99 per ounce, after having touched $1,788.96 on Wednesday, its highest level since October 2012. U.S. gold futures were up 0.3 percent at $1,785.15.

Risk sentiment improved somewhat as encouraging news on a vaccine for Covid-19 as well as upbeat manufacturing PMI data across the globe helped revive hopes for a quick economic recovery.

However, concerns persist about the spread of the coronavirus after the United States recorded its biggest one-day spike in coronavirus cases and California reimposed some coronavirus lockdown measures.

Elsewhere, China today warned of strong countermeasures if the U.S., Australia and the U.K. continued taking actions in response to Beijing's tough national security law in Hong Kong.

The U.S. House of Representatives on Wednesday passed legislation that would penalize banks doing business with Chinese officials who implement a national security law.

The United Kingdom condemned China's new security law on Hong Kong as a threat to the city's freedom and said it would offer a path to citizenship for eligible Hong Kong residents.

Australia said it is working on a scheme to provide safe haven to Hong Kong residents.


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02.07.2020
03:14 PM


Oil Prices Rise On Bullish Inventory Data

Oil prices rose on Thursday to extend gains from the previous session as a strong drawdown in crude stockpiles outweighed concerns the worst of the coronavirus isn't yet over.

Benchmark Brent crude rose about 1 percent to $42.44 a barrel, after climbing 1.8 percent on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were also up 1 percent at $40.21 a barrel, after a 1.4 percent rise in the previous session.

Data released by U.S. Energy Information Administration on Wednesday showed crude inventories in the country fell by 7.2 million barrels in the week ended June 27, compared with an increase of 1.4 million barrels a week earlier.

The amount of oil stored at Cushing, Oklahoma, to settle WTI delivery fell a larger than expected 263,000 barrels and distillate stockpiles dropped by 593,000 barrels, but gasoline inventory rose 1.2 million barrels last week, the data showed.

A day earlier, the American Petroleum Institute estimated a major draw in crude oil inventories of 8.156 million barrels for the week ending June 26, against analysts' forecasts for a draw of 710,000 barrels.

Positive macroeconomic data flow and hopes of a vaccine for Covid-19 also proved supportive, offsetting concerns surrounding a spike in U.S. coronavirus infections and revived lockdown measures in California.


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02.07.2020
03:13 PM


Hungary Trade Balance Swings To Deficit

Hungary's trade balance swung to deficit for the first time in nearly two years in April, final data from the Hungarian Central Statistical Office showed on Thursday.

The trade balance registered a deficit of EUR 561 million in April versus a surplus of EUR 229 million in the same month last year. In the initial estimate, the trade deficit was EUR 611 million.

This was the first deficit since August 2018.

In March, the trade surplus was EUR 301 million.

Exports declined 37.0 percent yearly in April. In the initial estimate, exports fell 37.1 percent

Imports fell 29.0 percent annually in April versus a decline of 28.4 percent in the initial estimate.


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02.07.2020
02:47 PM


Eurozone Jobless Rate Rises Marginally In May

The euro area unemployment rate rose marginally in May, figures from Eurostat showed Thursday.

The unemployment rate climbed to 7.4 percent in May from 7.3 percent in April. In the same period last year, the jobless rate was 7.6 percent.

The number of people out of work increased by 159,000 from April to 12.146 million in May.

The unemployment rate among euro area youth aged below 25 increased to 16 percent in May from 15.7 percent in April.

In the EU27, the jobless rate increased marginally to 6.7 percent from 6.6 percent in April.


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02.07.2020
02:38 PM


*Yen Weakens To 134.54 Against Pound, Lowest Since June 17

Yen Weakens To 134.54 Against Pound, Lowest Since June 17


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02.07.2020
02:37 PM


*Yen Drop To 121.35 Against Euro, 113.90 Against Franc

Yen Drop To 121.35 Against Euro, 113.90 Against Franc


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02.07.2020
02:27 PM


*U.S. Dollar Slides To 9-day Low Of 0.9427 Against Franc

U.S. Dollar Slides To 9-day Low Of 0.9427 Against Franc


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