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EU Summit to Cover Brexit, COVID-19, Climate Change

Today, the European summit, a two days’ long political meeting at which the assembled political leaders will voice their foreign, social, and economic policy concerns, begins.

In particular, the summit will focus on the review of Brexit agreements and Europe’s relations with Russia, especially after this weekend’s incident in which a plane was diverted to Minsk and journalist Roman Protasevich, founder of Telegram Nexta, was arrested. The political meeting will also address the issue of climate change, and the COVID19 pandemic. Due to the high-profile meeting, traders eye the volatility expected on EUR.

Meanwhile, with US markets closed mixed last week and crypto suffered another bout of volatility over the weekend. Nevertheless, cryptocurrencies appear to have found a new low, with Bitcoin hovering around $35,000. In commodities, WTI (West Texas Intermediate) crude oil was up 0.5% to $63.90 a barrel.

New Zealand retail sales figure is scheduled to be released today. The current figure is 2.5% while the forecast for this month’s data is -6.0% against last month’s -4.4% forecast. The New Zealand dollar is also likely to be on traders’ watch list.

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