**Currency Call Mid-Day Update (07 July 2021)**
During today’s Currency Call, Gim Hong highlighted the following points:
- Reserve Bank of Australia (RBA) held interest rate unchanged at 0.10% and extended bond purchases by two months from September at a reduced rate of purchase of A$4 billion per week.
- Next bond purchases evaluation will be during the November’s meeting.
- RBA Governor Lowe highlighted during the press conference that the central bank wants to see annual inflation hold at 2% for several quarters and between 2-3% in the long run.
- Lowe also mentioned the possibility of an upward revision in the central bank’s economic forecast during November’s meeting. He also warned that the recent outbreak in Australia will affect the strength of near-term recovery.
- With the FOMC meeting minutes to be released tomorrow at 0200 (GMT 8), pay attention to the details of the three points: 1) At when will QE tapering be taking place; 2) The amount of QE tapering; 3) The tone of the central bank on the downplaying of inflation as transitory.
Scott highlighted the following points:
- The upcoming release of the FOMC meeting minutes and the speech by Bostic may help hold the U.S. dollar index up.
- Wait for the meeting minutes to be released before looking for trading opportunities.
- The Double Top pattern that is currently forming in the H4 chart of dollar index will require a strong catalyst before it will play out.
Jin highlighted the following points:
- The UK GDP data to be released this Friday at 1400 (GMT 8) may be weaker than previous release. This may lead to the weakening of GBP.
- Look for selling opportunities of GBP/USD if it breaks the support level of 1.37781.
- Look for buying opportunities of EUR/GBP if it breaks the resistance level of 85.85.
During the day, GBP/USD and EUR/GBP strengthened slightly.
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