• 水. 12月 1st, 2021

    TRADEVIEW MARKET-INSIDER

    Market news from tradeview.tech

    Weekly Forex Market Recap: July 12 – 16

    ByTRADEVIEW FOREX

    7月 17, 2021


    It was another week of risk-off vibes as negative covid-19 updates continued, as well as on inflation fears. Safe havens were able to win out in this environment, but the Kiwi was able to buck the trend and take the top spot among the majors thanks to a hawkish move from the Reserve Bank of New Zealand.

    Notable News & Economic Updates:

    Intermarket Weekly Recap

    Dollar, Gold, S&P 500, 10-yr Treasury Yield, Bitcoin, Oil
    Dollar, Gold, S&P 500, 10-yr Treasury Yield, Bitcoin, Oil

    Safe havens win out the financial markets week as traders likely continued to focus on the recent negative covid-19 developments. Recent headlines have pointed to rising case counts, igniting calls by governments to reinstate various measures to slow the spread from renewed mask mandates to full lockdown protocols.

    These measures likely lead to speculation that economic growth is likely to slow, raising the level of uncertainty for traders as this conflicts with the idea that we will see global monetary policy tightening soon as inflation data came in hot from around the world.

    Overall, it looks like the risk-off camp won out the week as safe haven assets like gold, the U.S. dollar, and Treasury bonds stayed green through the latter half of the week, while oil, crypto, bond yields and equities drifted lower.

    In the forex market, we saw a clearer display of the level of uncertainty as most major currencies saw choppy, mixed price action. But there was an outlier among the group as the New Zealand dollar caught a strong bid going into the Wednesday session after the RBNZ announced an end to their quantitative easing program, earlier than expected. This bullish sentiment on the Kiwi was later reinforced on Friday after data showed inflation surged, the fastest pace since 2011.

    The Bank of Canada also gave their latest monetary policy statement this week, and while it wasn’t as hawkish as the RBNZ, we did see the BOC reduce their rate of bond purchasing to C$2 billion per week. But unlike the RBNZ, the BOC sounded a bit cautious on their outlook as the reduced their 2021 growth forecast from 6.5% to 6.0%. This is likely why we didn’t get the same bullish outcome for the Loonie, and likely why the Loonie was the biggest loser of the week, on top of weaker-than-expected Canadian jobs update and lower oil prices.

    USD Pairs

    Overlay of USD Pairs: 1-Hour Forex Chart
    Overlay of USD Pairs: 1-Hour Forex Chart

    GBP Pairs

    Overlay of GBP Pairs: 1-Hour Forex Chart
    Overlay of GBP Pairs: 1-Hour Forex Chart

    EUR Pairs

    Overlay of EUR Pairs: 1-Hour Forex Chart
    Overlay of EUR Pairs: 1-Hour Forex Chart

    CHF Pairs

    Overlay of CHF Pairs: 1-Hour Forex Chart
    Overlay of CHF Pairs: 1-Hour Forex Chart

    CAD Pairs

    Overlay of CAD Pairs: 1-Hour Forex Chart
    Overlay of CAD Pairs: 1-Hour Forex Chart

    NZD Pairs

    Overlay of NZD Pairs: 1-Hour Forex Chart
    Overlay of NZD Pairs: 1-Hour Forex Chart

    AUD Pairs

    Overlay of AUD Pairs: 1-Hour Forex Chart
    Overlay of AUD Pairs: 1-Hour Forex Chart

    JPY Pairs

    Overlay of Inverted JPY Pairs: 1-Hour Forex Chart
    Overlay of Inverted JPY Pairs: 1-Hour Forex Chart



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