EURUSD resumes its decline amid Powell’s speech
Last Updated on July 13, 2021
EURUSD Outlook – 13th July 2021
EURUSD returned to decline at the beginning of the week’s trading in the European market, resuming its losses that had been halted for two days. This comes with the return of CFD investors to trade the US currency as the best safe and alternative investment and their reluctance to risk risky assets.
The markets are awaiting many important data during this week that will give strong indications on the future of monetary policy in the United States.
The EURUSD pair traded at $1.1856, down 0.2% from the opening level of today’s session at $1.1876, and closed trading on Friday, achieving a rise of 0.3% against the US dollar for the second day in a row, within the rebound operations from its lowest level in three months. at $1.1781.
EURUSD continues to decline amid Powell’s speech
The US dollar rose against a basket of major currencies on Monday morning, with investors focusing on buying the US currency as the best alternative investment. Powell” on Wednesday, which will provide more evidence that the Reserve Bank is tightening its monetary policy, especially in light of the waning concerns about the global economic recovery.
The dollar index traded at 92.209 points, up 0.1%, slightly away from its highest level in three months at 92.844 points, which is recorded earlier in the trading week.
The US dollar achieved strong gains during last week’s trading, thanks to investors’ demand to buy it as the best safe and alternative investment in light of the growing concerns about the spread of the rapidly spreading delta mutator, which may hinder global economic growth.
It is assumed that the market’s attention this week revolves around the inflation data for the month of June which will be released tomorrow Tuesday, and it is expected that it will rise by 0.4% from May, and on an annual basis, it will rise to 4.0%.
If there are any indications that inflation rates are stabilizing at high levels contrary to what was previously believed, it may increase expectations that the Reserve Bank will soon exit its stimulus policy sooner than expected, which will support the US dollar strongly.
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