SINGAPORE/LONDON, July 30 - Oil hit its lowest since early June on Tuesday, as concern about the economic outlook dented commodities, while bonds, currencies and stocks traded cautiously ahead of a number of key central bank decisions and a slew of major corporate earnings reports.
"The consensus is that the U.S. economy is going to be softer this quarter and maybe next quarter as well and you can't really rely on the euro area to offer any compensation for that. China has got its own problems and doesn't look like it's going to snap into gear," Daiwa Capital economist Chris Scicluna said.
Preliminary euro zone data showed economic growth in the single currency bloc expanded at an annual rate of 0.6% in the second quarter of this year, above forecasts for a reading of 0.5%. A separate report showed the German economy unexpectedly contracted in the second quarter, but this had little bearing on expectations for interest rates.Interest rates remain front and centre. Japanese government bond yields edged lower with the 10-year JGB yield ending down 3 basis points at 0.995%.
In Japan, a broader range of outcomes is on the table, with markets pricing a nearly 60% chance of a 10-basis-point rate hike and expecting to hear about how the Bank of Japan plans to edge its way out of an enormous bond-buying programme.The euro edged up 0.12% to $1.0833, while the yen , which has rebounded sharply from a 38-year low of 161.96 per dollar hit early in July, came under pressure, leaving the dollar/yen pair up 0.46% at 154.725 per dollar.
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