On Friday, July 9, here’s everything you need to know:
The financial markets were dominated by risk aversion. The gloomy attitude is due to signs of decreasing global economy and resurgent coronavirus outbreaks. The rapid spread of the Delta variety has raised worries in Europe, prompting governments to impose various limitations in an attempt to contain the disease.
The EUR/USD pair rose to 1.1867 before reversing and settling in the 1.1840 price range. Meanwhile, the European Central Bank has changed its inflation aim to a symmetric target of 2%, rather than a limit, allowing greater inflation to compensate for earlier undershooting. “We expect inflation to stabilize below our aim in the medium term,” stated President Christine Lagarde. “This year, our inflation estimates are around 2%, which is something we haven’t seen in more than eight years.” “However, price increases should moderate to 1.5 percent in 2022 and 1.4 percent in 2023.”
The Swiss Franc and the Japanese yen were the top performers against the US dollar, both maintaining intraday gains as the market closed. Commodity-linked currencies, on the other hand, took the brunt of the losses, with the USD/CAD pair recovering the 1.2500 level and the AUD/USD pair plunging to a new 2021 low of 0.7416.
With the gloomy attitude, gold rose to an intraday high of $1,818.37, but lost ground during the US session, finishing the day with minor losses at about 1,800. After a brief dip, crude oil prices recovered somewhat, with WTI closing the day at $ 73 per barrel.
Despite recovering off intraday lows, European indices ended the day in the red, while US indexes lost significant ground. Over 300 points were lost on the DJIA.
Treasury rates in the United States have dropped to new multi-month lows. The 10-year note yield fell to 1.25 percent before finally settling at 1.29 percent.
These two altcoins have the potential to separate from Bitcoin and reach new highs.
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