On Thursday, July 15, here’s everything you need to know:
As US Federal Reserve Chairman Jerome Powell delivered dovish comments in his semi-annual speech, the dollar fell against all of its major counterparts. He stated that the central bank would provide strong support until the economy had fully recovered. He went on to say that inflation is likely to continue high in the coming months before dropping, and that acting too soon would be a mistake.
Dollar’s competitors were few and varied. The EUR/USD pair is trading around 1.3850, while the GBP/USD pair is also trading around 1.3850. Ahead of Australian jobs data, the AUD/USD consolidates gains near a daily high of 0.7485.
As the CAD suffered from a less aggressive Bank of Canada, the USD/CAD pair concluded the day unchanged at about 1.2510. Following the July policy meeting, the central bank kept its benchmark rate at 0.25 percent, as expected. The Bank of Canada has chose to lower its weekly net asset purchases of government of Canada bonds from C$3 billion to C$2 billion, while maintaining its guidance for a rate hike in the second half of 2022.
Gold prices have risen, approaching $1,830 per troy ounce for the first time since mid-June. Crude oil prices fell substantially following the release of US oil inventory data, which showed a reduction of 7.9 million barrels in the week ending July 9. The price of WTI ended the day at $72.60 a barrel.
Predictions for the top three prices Powell argues private cryptos may not be necessary for Bitcoin, Ethereum, and Ripple, as BTC approaches a volatility spike.
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