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Market Recap – Potential new tariffs on EU goods

Tuesday, July 2, 2019 10:37 AM GMT

EU leaders failed to conclude on the nomination for the top EU jobs and the wheeling and dealing continues.

RBA, the central bank of Australia proceeded with a second rate cut in a row increasing the available liquidity of the Australian economy. Markets seem to approve the decision sending the Australian dollar higher.

The Office of the US Trade Representative issued for public comment a supplemental list of EU products that could potentially be subject to additional duties. Now the potential amount of EU goods subject to tariffs stands at $24bn ($21bn since April and additional $4bn worth of goods now).

OPEC agreed to extend the oil production cap up for another 9 months, up until March 2020. Today is Russia’s turn to agree to adhere to that decision.

Macro releases: No market moving releases are expected today.

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