S&P 500 at fresh ATH, USD underperforms amid weak US data

Summary:
- Non-manufacturing ISM declines to the lowest level since July 2017
- S&P 500 trades at fresh ATH
- Oil erases daily gain as DOE shows smaller-than-expected drop in stockpiles
- Bulls return to the cryptocurrency market

In spite of declines on the Asian stock markets, shares from Europe had a good session. Blue chips indices from all across the Old Continent finished today’s session higher with the biggest gains being observed on the Italian stock market. Italian equities began to outperform after the European Commission said it will not seek disciplinary action against the country. Session on Wall Street will end earlier today as it is often the case for the eve of Independence Day. In spite of weak US data, the US indices are trading near or at all-time highs.

Looking at the major currencies, we can spot that commodity currencies are on the rise today. Antipodean currencies (AUD and NZD) are the best performing majors followed by the Canadian dollar. The US dollar trades lower following disappointing data prints. Namely, the ADP report showed another month of poor jobs creation while the non-manufacturing ISM index slipped to the lowest level since July 2017. The British pound is the worst performing G10 currency after the services PMI for June declined to the vicinity of the contraction-expansion threshold.

Crude prices erased the daily gain after the release of DOE report on crude inventories. The US agency reported that stockpiles fell during the past week but the drop was smaller than markets expected. Gains can be spotted across agricultural commodities, especially corn and sugar. Gold is trading more or less flat after failing to breach to new YTD highs earlier in the day. 

Bulls have returned to the cryptocurrency market after recent declines and pushed Bitcoin price back above the $11k handle. Altcoins are also trading higher but lag advance of its most famous peer.

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