Asia Summary and Highlights 6 July
OPEC+ confirmed a fifth straight monthly output increase
USD Solid on Monday
Asia Session
While OPEC+ confirmed a fifth straight monthly output increase, the complication regarding Strait of Hormuz continues to weigh on oil. Weekend headlines confirm Iran's heightened control of the Strait and keep major equity indexes low. AUD/USD is trading 0.11% lower at 0.6933 on softer precious metal. NZD/USD is trading 0.41% lower while USD/CAD rises 0.05% on lower oil.
The greenback is solid on Monday with geopolitical uncertainty persists. It is by no means a full blown risk aversion USD buying but should keep USD bidds alive in coming session. USD/JPY is grinding closer to 162 to trade 0.37% higher at 161.93. Else, EUR/USD is unchanged and GBP/USD is down 0.08%.