Review of the dollar, euro, pound, yen, aussie and gold prices for July 9, 2021


The European currency returned to decline against the US dollar during the Asian session, retreating from the local highs, updated the day before, when the instrument showed a steady growth. The reason for the emergence of “bullish” dynamics was the speech of the head of the European Central Bank (ECB) Christine Lagarde, during which she announced a new concept of the regulator’s monetary policy. Among other things, the ECB will abandon the vague inflation target, replacing it with a single digit of 2% in the medium term. In addition, the regulator will pay more attention to general risks that threaten the stability of the economy in the region and the situation on the labor market. Today European investors are awaiting the publication of information regarding the last meeting of the ECB, which is likely to help to assess in more detail the regulator’s plans for the near future.


The British pound is showing a slight decline against the US currency during the morning trading session, preparing to end the week near the local lows since July 2. The instrument is testing the level of 1.3770 for a breakdown downward and expects new drivers to appear on the market, which may be the US Federal Reserve’s monetary policy report and a block of macroeconomic statistics from the UK. The data from the USA, published the day before, turned out to be ambiguous. Thus, the number of initial applications for unemployment benefits for the week of July 2 unexpectedly increased from 371 thousand to 373 thousand, which turned out to be much worse than the positive market forecast of a decrease to 350 thousand. The number of repeated applications for the week of June 25 still decreased from 3,484 million to 3.339 million, which was only slightly worse than analysts’ expectations at 3.335 million.


The Aussie has fallen tentatively against the US currency on Friday, near new record lows since December 2020. The instrument lost in value the day before, despite the publication of rather weak statistics on applications for unemployment benefits in the US, which, in part, was provoked by technical factors of the correction. The main reason for the sale of the Australian currency was the statements of the head of the Reserve Bank of Australia (RBA) Philip Lowe, who hastened to calm the markets, agitated by the recent decision of the regulator to cut the quantitative easing program to $ 4 billion a week. The official stressed that in the face of existing economic risks, the Australian economy still needs support, and the RBA will try to respond to the changing situation with some anticipation. Lowe also paid special attention to the labor market, noting that the pace of growth in wages has slowed down recently and does not allow inflation to reach target levels.


The US dollar is showing corrective gains against the Japanese yen during trading in Asia, again approaching a strong psychological level of 110.00. On the eve of the instrument without much difficulty overcame this mark and updated local lows since June 11, which, among other things, was due to the publication of weak macroeconomic statistics from the United States on the dynamics of applications for unemployment benefits. The yen, in turn, received moderate support from the Eco Watchers report. Thus, the June forecast for the development of events increased from 47.6 to 52.4 points, which turned out to be much better than the forecasts of a slowdown in the indicator to 44.8 points. The index of the current situation for the same period strengthened from 38.1 to 47.6 points, which only slightly fell short of the expected values ​​at the level of 50.6 points.


Gold prices are stable during the Asian session, consolidating around 1800.00. The day before, the instrument made another attempt to grow and renewed three-week highs, after which the mood of investors was mainly influenced by technical factors, and they rushed to close most of their long positions. A weakened dollar, as well as a decrease in the yield of US Treasury bonds, provides moderate support to the quotes. An additional “bearish” signal for the American currency yesterday was the uncertain macroeconomic statistics from the US on the dynamics of applications for unemployment benefits.

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