Forex Today: Dollar hurt, China to set the tone
|What you need to know on Monday, August 16:
The greenback plummeted following the release of US Michigan Consumer Sentiment, down to an almost 10-year low in August. The sentiment collapsed as the spread of the Delta variant in the country spurred concerns about the economic comeback.
US Treasury yields were sharply down, although Wall Street managed to post modest gains, with the DJIA and the S&P reaching record highs.
The EUR/USD pair approached the 1.1800 figure, while GBP/USD stalled its recovery well below the 1.3900 level. European currencies suffer from tepid local data indicating a slow economic comeback in the Old Continent.
The USD/JPY pair turned bearish, breaking below the 110.00 level. It stands at around 109.50. On the other hand, commodity-lined currencies posted modest recoveries. The Canadian dollar was among the worst performers, as crude oil prices edged lower, with WTI settling at $67.75 a barrel. AUD/USD settled around 0.7370, despite soaring gold prices.The bright metal accelerated its advance by the end of the week, settling at $1,779.50 a troy ounce.
China will publish July Retail Sales and Industrial Production figures at the weekly opening. The numbers will likely set the tone for Monday’s trading
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