July 2021 Market Wrap

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The US Dollar weakened against most of the G7 currencies, aside from the Canadian and Australian Dollar. In the recent FOMC meeting, Federal Reserve Chairman Jerome Powell held interest rates steady between 0 to 0.25% and pledged to continue its bond purchases until there is “substantial further progress” on jobs, with interest rates likely to remain near zero at least until 2023. Across the Atlantic, Euro whipsawed before struggling to pare recent losses against the Dollar, following the European Central Bank’s monetary policy announcement which echoed a strong dovish stance as they steered clear of any taper talks and adopted a higher inflation tolerance level.

On the commodity currencies front, Australian Dollar took a hit in July as the rapid spread of the Delta variant virus capped the upside gains for the currency, with Sydney registering a record daily rise in the number of Covid-19 infections and an extension of the lockdown period by a month. Meanwhile, Kiwi was boosted in July, after the Reserve Bank of New Zealand announced a halt to its additional asset purchases under its Large Scale Asset Purchase programme, while keeping its cash rate on hold at a record low 0.25%.

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