Currency Call Mid-Day Update (29 July 2021)
During today’s Currency Call, Gim Hong highlighted the following points:
- The Federal Reserve held monetary policy unchanged during their meeting.
- Fed expressed optimism in the economic recovery in the U.S.
- Fed Chairman Powell highlighted that the U.S. economy is still a distance away from full recovery.
- Powell also downplayed the impact that the Delta variant has on the U.S. economic recovery.
- The optimism led to the market going risk-on which resulted in a decline in USD.
- The Jackson Hole Symposium from 26-28 August should be paid attention to for any details that the Fed may be providing on QE tapering.
Scott highlighted the following points:
- The U.S. dollar index traded lower into the support level of 92 after the FOMC meeting.
- The U.S. Advance GDP q/q data that will be released later at 2030 (GMT+8) may present buying opportunities if the data released is bullish.
Daniel highlighted the following points:
- The Japanese economic indicators that will be released on Friday are unlikely going to move market much.
- Look for selling opportunities of USD/JPY at 109.60.
- Stay out of EUR/JPY for now.
- Look for selling opportunities of GBP/JPY if it breaks below 152.95.
- Look for buying opportunities of XAU/USD (Gold) if the U.S. Advance GDP q/q data that will be released later performs badly.
During the day, USD/JPY was ranging across while EUR/JPY, GBP/JPY and XAU/USD strengthened.
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