Theresa May loses MV3, CAD jumps on solid GDP report

The final trading day of the week saw some major price moves on the global financial markets. Strong gains on the Chinese stock markets during Asian trading hours set the tone for the session on the Old Continent. European stocks edge higher with only Swedish, Russian and Polish stocks lagging below yesterday’s closing prices. Good moods can be also observed on the US stock market as all three major stock indices from Wall Street are posting reasonable gains. We encourage you to take a look at our stock of the week - Lyft, as it debuted on Nasdaq stock exchange today.

On the currency front GBP is in the spotlight. The UK parliament vote on Theresa May’s Brexit deal for the third time today and the Prime Minister suffered another loss. In the aftermath, GBPUSD plunged below the 1.30 handle for the first time since 11 March. GBP is the worst performing G10 currency at press time. On the other hand, better-than-expected GDP report for January from Canada cause CAD to trade as the best major currency. Japanese yen is the second worst G10 currency as risk-on moods are present on the market. The US data pack released today turned out to be currency-negative and stocks-positive mix.

Gains could be spotted across precious and industrial metals as well. Copper and palladium climbed over 2% while zinc added 1.5%. Oil is trading higher as well with WTI gains outpacing ones of Brent. On the other hand, some underperformance can be spotted across agriculture commodities. Wheat, corn and soybeans all trade lower.

Morning wrap (03.08.2021)
Daily summary: US stocks gave up early gains. Oil under selling pressure
Li Auto delivered record number of cars in July
EUR/USD Analysis: USD remains weak
BREAKING: USD sees little reaction to downbeat ISM Manufacturing PMI report
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