Currency Call Mid-Day Update (14 July 2021)
During today’s Currency Call, Gim Hong highlighted the following points:
- U.S. CPI m/m data released yesterday showed that headline inflation rose the fastest in June since June 2008.
- Upcoming testimony by Fed Chairman Powell may shed some light on what he thinks of June’s inflation.
- Reserve Bank of New Zealand (RBNZ) halted its LSAP (quantitative easing) programme amid strong economic recovery in New Zealand.
- RBNZ also highlighted that the LSAP remains an important tool and will be put to use again if necessary.
- Bank of Canada (BoC) expected to reduce its weekly assets purchases today during its monetary policy meeting at 2200 (GMT+8) due to speedy vaccinations and strong economic recovery.
Scott highlighted the following points:
- Despite the strong U.S. CPI data release yesterday, the U.S. dollar index did not manage to break above the 92.7 level.
- Potential downside of the dollar index before Fed Chairman Powell’s testimony later at 0000 (GMT+8).
Jin highlighted the following point:
- GBP/USD may test and break above the 1.3836 resistance level. Look for buying opportunities at 1.3845.
- Wait for EUR/GBP to test and reject the 0.8538 level before looking for short-term selling opportunities below 0.8530.
During the day, GBP/USD strengthened while EUR/GBP weakened.
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