Here is what you need to know on Monday, August 5: Safe-haven flows dominate financial markets at the beginning of the week as investors react to the latest news surrounding the Israel-Iran conflict.
S&P will release revisions to July PMI data for the Euro area, Germany andthe UK on Monday. Later in the day, the ISM Services PMI report for July will be featured in the US economic docket. Meanwhile, market participants will keep a close eye on geopolitical developments. US Secretary of State Tony Blinken has reportedly told his counterparts fromthe G7 countries over the weekend that Iran and Lebanese group Hezbollah could attack Israel as early as Monday.
The pair preserves its bullish momentum early Monday and was last seen trading at its highest level since early March above 1.0950. Gold rose more than 2% in the previous week and registered a record-high weekly close above $2,440. XAU/USD stays relatively quiet early Monday and trades near Friday's closing level. AUD/USD came under strong bearish pressure in the Asian session and touched a fresh 2024-low at 0.6348. Although the pair managed to recover toward 0.
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