Forexlive Americas FX news wrap: Commodities rally with the US out for holiday

<ul><li><a href="https://www.forexlive.com/news/canada-sp-global-june-manufacturing-pmi-488-vs-490-prior-20230704/">Canada S&amp;P Global June manufacturing PMI 48.8 vs 49.0 prior</a></li><li><a href="https://www.forexlive.com/news/new-zealand-gdt-price-index-33-20230704/">New Zealand GDT price index -3.3%</a></li><li><a href="https://www.forexlive.com/news/eyes-on-ukraines-zaporizhzhia-nuclear-power-plant-this-week-20230704/">Eyes on Ukraine's Zaporizhzhia nuclear power plant this week</a></li><li><a href="https://www.forexlive.com/news/world-meteorological-organization-declares-onset-of-el-nio-what-it-means-20230704/">World Meteorological Organization declares onset of El Niño. What it means</a></li><li><a href="https://www.forexlive.com/news/china-expected-to-intensifty-retailiatory-chip-measures-lithium-curbs-are-the-fear-20230704/">China expected to intensifty retailiatory chip measures. Lithium curbs are the fear.</a></li><li><a href="https://www.forexlive.com/news/brazils-lula-backs-a-common-currency-for-trade-between-mercosur-countries-20230704/">Brazil's Lula backs a common currency for trade between Mercosur countries</a></li></ul><p>Markets:</p><ul><li>Gold up $4 to $1925</li><li>WTI crude oil up $1.21 to $71.00</li><li>NZD leads, EUR lags</li><li>Toronto TSX Comp +0.2%</li><li>Bitcoin down $419 to $30,705</li><li>US markets closed for Independence Day</li></ul><p>The US was off for a holiday but it wasn't a dead session, in large part due to the dovish surprise from the RBA, which held rates. That led to a rally in AUD (which I explain here) after an initial selloff.</p><p>Commodities in general were solid with oil leading the way as the market digests OPEC+ production curbs. That's something of a rethink of the reversal yesterday but I suspect there will be a few chapters in this latest saga. The Canadian markets were open and the local PMI softened a touch in another indication the BOC might have to rethink a hike next week.</p><p>The US dollar was generally soft but edged back higher later as the euro hit some stops below 1.0890.</p><p>The China services PMI coming up later will set the tone for the new day and then the new quarter will truly get underway.</p>

This article was written by Adam Button at www.forexlive.com.