What you need to know on Tuesday, July 13: The week begins with a lackluster trading session and a sparse macroeconomic schedule. Along with equities, major pairs sawsawed, with the greenback rising during European trading hours but softening during US trading hours as Wall Street pared early losses and concluded the day with gains.
Government bond yields increased, indicating a little improvement in sentiment towards the end of the day.
EUR/USD is hovering around 1.1850, while GBP/USD is only a few ticks below 1.3900. Commodity-linked currencies were steady against their American counterparts at the end of the day.
Gold prices dropped intraday, but eventually recovered and closed at roughly $1,805 per troy ounce. Crude oil prices fell slightly, with WTI closing the day at $74.15 per barrel.
The latest covid-related news is being digested by investors. On the one hand, the number of cases in the Northern Hemisphere is increasing as the Delta variety spreads, despite the fact that the frequency of hospitalizations among people who have been vaccinated is fairly low. Sajid Javid, the UK’s health minister, said that the country is on course to meet its vaccine objective and that the country will now proceed to the next stage of the “normalization” road plan.
On Wednesday, US Federal Reserve Chairman Jerome Powell will testify, which could create some buzz this week.
Predictions for the top three prices Bitcoin, Ethereum, and Ripple are all big cryptos that need to prove themselves as the downside risk grows.
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