Oil Prices Set for Steep Weekly Losses as Hormuz Deal Stalls 
Gold Prices Surge 7% as Dollar Falls, Fed Rate Hike Bets Ease 
Asian Currencies Steady as Markets Await U.S. Jobs Data 
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Asian Currencies Hold Steady as US Dollar Nears Seven-Week Low Ahead of Key Jobs Data 
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Oil Prices Slip as Hormuz Shipping Progress and Rising U.S. Crude Stocks Weigh on Market 
Asian Stocks Mixed as Chip Selloff Hits KOSPI, Nikkei Ahead of US Jobs Data 
UK Services PMI Returns to Growth in July as New Orders and Confidence Rebound 
Gold Price Hits Seven-Week High as Fed Rate Hike Bets Fade and Hormuz Deal Hopes Grow 
US Stock Futures Hold Steady as Iran Hormuz Deal and Earnings Shape Market Sentiment 
Wall Street Ends Mixed as Dow Hits Record Despite Tech Weakness 
The USD/CNY currency pair is not expected to show any big movement for the time being given the spreading Coronavirus epidemic that largely affected various parts of the country, bringing trade and business to a standstill, according to the latest research report from Commerzbank.
The latest assessment suggests that the peak of new virus infections will arrive before the end of this month, which is more or less in line with the previous assessment.
In the meantime, China's experts also expect the epidemic may be over by April, which indicates that the biggest impact on China's economy will take place in the first quarter of 2020.
While the local governments remain hesitate to restart the production at a full speed due to virus concerns, the central government has started to pressure local provinces to put more focus on economic growth. For the FX market, all these messages do not necessarily form any big surprise, the report further noted.
