Look like North American economies moving sideways, while some states are reopening, others are now contemplating closures particularly in the service industries. The Governor of New York said there was “significant evidence” restaurants in New York City were violating social distancing policies designed to contain the spread of Covid-19 and threatened to close establishments that don’t follow the rules. He said the state will close restaurants after three violations, but egregious violators could face immediate closure and lose their liquor license. The order begins on Thursday, he said.
While retail sales rose, the second straight month, analysts are waiting to see the impact of the surge of covid-19 numbers on July’s economic data and are willing to wait rather than invest in today’s markets.
Canadian dollar a bit weaker, today’s mixed U.S. data gave traders reason to pause, plus oil prices are slightly lower, prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up.
Expect a narrow range today.
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