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MacroBusiness Access Subscriber Only Content at 8:04 am on July 6, 2021 | 0 comments Forex markets were largely stable last night with Wall Street closed but under the surface there are some interesting dynamics. DXY was firm and EUR soft: Australian dollar was basically unchanged: Oil and gold both jumped: Base metals lifted with oil: US and EM junk have diverged a little but it’s not material yet: EM stocks are stalled still: Miners did better in London: Other markets were closed. Westpac has the wrap: Event Wrap The  Markit Eurozone Services PMI survey was finalised at 58.3, from the flash reading of 58.0, taking the composite index to 59.5 from 59.2. Although Germany’s final readings fell, other national indices rose at the highest growth rates in 15 years. Service sector firms are struggling with surging demand and supply shortages, including labour, and are raising prices at the “steepest pace in 20 years”, with optimism at the highest in 21 years.

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