Markets Torn Between Robust Economic Data and Rising Virus Cases

Australian dollar falls as much as 0.2% in early trading
Markets are headed for a “Let’s Make a Deal” moment: AxiCorp

People gather at Mission Beach in San Diego, California, U.S., on July 4. — People gather at Mission Beach in San Diego, California, U.S., on July 4.
Photographer: Bing Guan/Bloomberg

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By Dana El Baltaji and Michael G Wilson

July 5, 2020 at 9:13 PM UTC

This article is for subscribers only.

Global markets are caught in a tug-of-war between optimism over better-than-expected economic data, and concern over the surge in coronavirus infections.

While currencies saw muted moves in early trading on Monday, the Australian dollar underperformed, dropping as much as 0.2%. The nation has seen a rise in infections recently. The big worry, however, is the U.S., where a surge in cases pushed global figures above 11.3 million.