Asia Summary and Highlights 7 July
Iranian forces strike LNG tanker and commercial ships in Strait of Hormuz
Japan May Labor Cash Earnings +3.2% y/y
Asia Session
There is no boring day in the Strait of Hormuz as we heard Iranian forces strike LNG tanker and commercial ships within the Strait. It is a gesture to show Iranians exerting further control over the Strait of key oil traffic. Major equity indexes slips while oil is upbeat. AUD/USD is trading 0.3% lower at 0.6936. NZD/USD is trading 0.24% lower while USD/CAD rises 0.11%.
The May Labor Cash Earnings continue to grow steadily at +3.2% y/y. It stays solid above 2% but missed estimate. Household spending on the other hand, rebounded strongly to 3.7% m/m, a good sign for private consumption. USD/JPY is trading 0.15% lower at 161.83. Else, EUR/USD is down 0.09% and GBP/USD is down 0.07%.