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Forex Market Recap (11-16 July 2021)

July 17, 2021
Bart Kurek

This week we saw uncertainty in the markets as most currencies saw mixed choppy price action, except the NZD which caught a strong bid on Wednesday after the RBNZ announced an end to their quarantine easing program, earlier than expected.

USD:

  • Inflation was higher than expected in June at +5.4%
  • Fed chair Powell says the Fed is waiting for inflation to moderate before altering policy
  • Fed's "Beige Book" shows the economy has strengthened last month but supply shortages worsened
  • Jobless claims hit a new low since the pandemic
  • Fed member Evan says more progress on employment is needed before tapering
  • Retail sales headline at +0.6% in June

EUR:

  • ECB's Lagarde sees policy change in July, possible 2022 measures
  • Germany's wholesale prices at +10.7% y/y
  • Germany inflation rate at +2.3% y/y
  • Industrial production at -1.0% in the Euro area and -0.9% in the EU
  • ECB's Schnabel says to wait for core inflation to rise before tightening policy

GBP:

  • BoE warns asset prices to look stretched in latest stability report
  • UK inflation jumped to three-year highs in June due to price surges in clothes and cars
  • UK jobs jump as the economy is beginning to bounce back
  • The UK is reporting over 42k covid cases, the highest since January

CAD:

  • Carolyn Rogers was appointed as new Senior Deputy Governor of the BoC
  • Manufacturing sales at -0.6% to C$57.9B in May, second monthly decline
  • BoC expecting short-term rise on inflation
  • Wholesale goods at +0.5% to C$72.2B, the third monthly increase
  • Oil expected for a big weekly drop on supply concerns

JPY:

  • Machinery orders rise by +7.8%, third monthly increase
  • Wholesale prices continue to surge as import costs hit new record high
  • BoJ cuts Japan's growth forecast, unveils climate scheme plan

AUD:

  • NAB business confidence index down from 20 to 11 in June
  • Consumer confidence rises at 110.0 vs 107.8 previous
  • Australia adds 29.1k jobs in June vs expected 19.7k gain
  • Unemployment rate falls from 5.1% to 4.9%

NZD:

  • Electronic retail card spending at +0.9%
  • Food prices rise by +2.8% in June
  • NZD jumps at RBNZ ends bond-buying
  • Expansion in NZ's manufacturing sector in June
  • Inflation surges, feeling RBNZ rate-hike bets

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