Currency Call Mid-Day Update (09 July 2021)
During today’s Currency Call, Gim Hong highlighted the following points:
ECB monetary policy meeting minutes release was postponed yesterday to today at 1930 (GMT 8).
ECB revised its inflation goal to 2% and allowing overshoot.
Central bank also highlighted that temporary deviation of inflation from 2% target is fine, but sustained deviation from target will require action.
The newly adopted policy will allow ECB to raise inflation target, translating to a softer policy stance.
Scott highlighted the following points:
A Double Top pattern has been established in the U.S. dollar index.
The U.S. initial jobless claims data was not a driver for the pullback of dollar index.
Wait for the U.S. market open and see how the dollar index reacts to the Fed monetary report before looking for trading opportunities.
Jin highlighted the following point:
Wait for USD/CAD to trade lower if the Canadian employment data released are positive before looking for buying opportunities at 1.2430.
Daniel highlighted the following points:
Bitcoin failed to move higher, falling back to the 30000 level. This level may be a strong support level for bitcoin.
With many news related to Ethereum coming in (Ethereum 2.0, decentralized finance application, non-fungible token), pay attention to how price will react before looking for trading opportunities. A break above 2500 may lead to a stronger upside of Ethereum.
During the day, USD/CAD weakened slightly.
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Watch the full session of the Currency Call here:
Join the Daily Currency Call from Mondays to Fridays at 1100 (GMT 8).
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