U.S. business activity contracted for the first time in nearly two years in July. A sharp slowdown in the service sector outweighed continued modest growth in manufacturing. The development is likely to feed into a debate over whether the US economy is back in – or near – a recession after rebounding sharply from the downturn in early 2020 at the start of the COVID-19 pandemic. Bitcoin was about 1.43 per cent higher at $23,493.62, on pace to finish the week up 13 per cent, as traders bet the recent bout of weakness that had engulfed the market was over. The Australian and New Zealand dollars were headed on Friday for their best week in several months, buoyed by a more positive market mood. . . .
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