Forex Today: Risk-off to continue leading the way
|What you need to know on Monday, July 19:
The dollar keeps strengthening on growth-related concerns. Mixed data released in the US on Friday somehow confirmed investors are concerned about the slower pace of growth. Wall Street edged lower, posting substantial losses on Friday after posting record highs. US Treasury yields remained depressed, with that on the 10-year note settling at 1.30%.
High-yielding currencies were hit by the dismal mood. EUR/USD settled around 1.1800 while the GBP/USD pair fell to 1.3760, nearing a multi-month low of 1.3730. Commodity-linked currencies were sharply down. AUD/USD reached a fresh 2021 low of 07391, while USD/CAD finished the week at 1.2605.
Coronavirus: on Saturday, the UK reported 54,674 new coronavirus cases, the biggest one-day increase since January, and 41 new deaths. In the US, not all states are reporting as previously, although all indicators continued to rise. Nevertheless, the % of deaths among those vaccinated is lower of that of the common flu.
Gold suffered from the greenback’s strength, with the bright metal settling at $1,811.87. Crude oil prices consolidate losses on Friday, with WTI settling at $71.15 a barrel.
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