Uniper in bailout talks; AUD slips on RBA tightening; UK Ofcom granted powers to tackle disinformation
July 5, 2022
GBP/USD 1.2043 GBP/EUR 1.1685 EUR/USD 1.0307 USD/CAD 1.2924 EUR/CHF 0.9933 EUR/SEK 10.8008 EUR/NOK 10.3055 EUR/DKK 7.4393 USD/ILS 3.5227 AUD/USD 0.6795 NZD/USD 0.6165 USD/SGD 1.4030 USD/JPY 135.69 USD/CNH 6.7093 USD/INR 79.1538 EUR/ILS 3.6307 GBP/ILS 4.2424 USD/ZAR 16.4123
UK’s regulator Ofcom will soon have the powers to impose large fines on social media apps if they fail to curb “state-linked disinformation”.
GBPUSD trades -0.6% intraday.EUR
Uniper is in talks with the German government on a possible bailout package of €9 billion, as the business struggles to deal with disruption and volatility in gas supplies.
European corporate bond spreads could widen if Russia stops gas supplies. The yield on high-grade debt could surge to 325 basis points.
EUR trades -1.1% lower against the dollar intraday as we print. The Euro-Area services PMI climbed slightly to 53.0 from 52.8 previousUSD
US markets were closed yesterday for the 4th July holiday. US data should show factory orders rising 0.5% through May, after only a 0.3% gain in April. Durable goods are seen increasing to 0.7%.ASIA/PACIFIC
AUD slipped after the RBA hiked interest rates by 0.5% to 1.35%, signalling further tightening ahead. The RBA expect inflation to peak later in the year.
China is in talks with the US over economic sanctions and tariffs. Beijing would like fair treatment for its enterprises, with both sides agreeing to bolster co-ordination.ILS
USDILS trades 0.6% higher above 3.52 as we print.Data & Events
UK Services PMI
Euro-Area Services PMI
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