FX News

Todd Muller resigns as National Party leader.

FX News

Worldwide coronavirus cases surpass 13.2M with over 574,000 deaths officially reported.

Key Points:

• Last week’s performance of the New Zealand Dollar saw a net gain against the majors, the Pound was the standout though climbing from Tuesday with a number of economic tax incentive announcements
• President Trump has spoken out about prospects on a phase two trade deal. He says the relationship with China has been “severely damaged”. White House advisor Navarro expects Trump to take heavy action against Chinese owned TikTok and WeChat for engaging in “information warfare”.
• The US military base in Okinawa has been locked down after 61 new coronavirus cases were reported, there are around 25,000 personal on the base

• Coronavirus in the state of Florida is formally out of control with 41 hospitals at full capacity
• Texas coronavirus count is 8,196 to 258,658 up 3.3% with the positive rate at an incredible 16%- this indicated the testing being done is falling well short and not showing the extent of the outbreak
• UK Chancellor Sunak is said to be planning tax cuts and an overhaul of planning laws within a year of the UK leaving the EU
• The World Health organisation is still reporting daily coronavirus numbers consistently over 200,000 as the virus worsens around the globe
• Canadian employment figures for June were better than analysts picked coming in with 953k jobs, v 700k expected along with the Unemployment Rate pulling back to 12.3% from 13.7%
• Victoria has recorded 273 new coronavirus cases over the weekend including a further 177 on Monday with 1 death, this takes the national toll to 108. The State now has 3976 cases of which 1661 are still live

Major Announcements last week:

Todd Muller resigns as leader of the National Party
RBA leave cash rate on hold at 0.25%
Canadian Unemployment rises to 12.3% from 12.0%
NAB Business Confidence improves miraculously to 1- indicating optimism is back on the table

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