A1 Trading Company

July 10, 2021

Forex Market Recap (04-09 July 2021)

Bart Kurek

There weren't any significant economic or geopolitical catalysts to spark any notable moves in the forex markets this past week. COVID-19 updates pointed to an accelerated rate of new cases, especially in Asia. This prompted Japan to declare a state of emergency and ban spectators from the upcoming Olympic event. Nonetheless, we heard from the World Health Organization to urge extreme caution against completely lifting public health measures.

USD:

  • ISM Services PMI at 60.1 in June vs 64.0 in May
  • Fed staying patient in terms of tightening monetary policy
  • Job vacancy numbers are increasing
  • Optimism falls despite jobs recovery
  • Jobless claims rose to 373k, as job growth slows
  • Fed officials warn Delta variant is a threat to the economy

EUR:

  • Eurozone growth hits 15-year high
  • Sentix Investor Confidence at 29.8 in July vs 28.1 in June
  • German Manufacturing in May new orders down -3.7% in May
  • German Industrial Production at -0.3% in May
  • Retail trading volume u 4.6% in the eurozone
  • French trade balance at €6.6B
  • German exports at 0.3% in May
  • EU warns on the Delta variant spread
  • ECB won't seek deliberate inflation overshoot

GBP:

  • Strong recovery in the UK service activity continues, but cost inflation hits record high during June
  • Lockdown to end on July 19, PM Boris Johnson warns that pandemic is not over
  • UK house prices fell in June as the full stamp duty holiday ended
  • The UK economy grew just 0.8% in May as manufacturing troubles caused the rebound to lose steam

CAD:

  • BoC survey: Q2 business sentiment improves, economic recovery seen broadening
  • Ivey PMI shows activity expanding at fastest pace in three months
  • Large job gains in June with more to come

JPY:

  • Services economy sees softer fall in business activity
  • Wages in May show largest monthly gain since June 2018
  • Households cut spending from April level amid restrictions
  • Japan to declare COVID-19 emergency for Tokyo as it mulls Olympics without fans
  • Olympics will ban spectators after Japan declares state of emergency

AUD:

  • MI inflation gauge rebounded by 0.4% after the previous 0.2% dip
  • Retail sales up by 0.4% vs projected 0.1% uptick
  • ANZ job advertisements rose by 3.0% in June
  • Building approvals tumbled by 7.1%
  • The Reserve Bank of Australia does not expect to raise rates before 2024
  • Sydney enters another week-long lockdown on Delta variant spread

NZD:

  • Business outlook bounces back in Q2
  • BoNZ joins ASB in predicting OCR will rise in November

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