Currency Call Mid-Day Update (27 July 2021)
During today’s Currency Call, Gim Hong highlighted the following points:
- The U.S. Federal Reserve is unlikely going to provide details on when quantitative easing (QE) will be taking place during the monetary policy meeting this Thursday at 0200 (GMT+8).
- Central bank will likely wait for more economic data releases before providing more details on QE.
- Pay attention to the Fed’s view on the continued spike in inflation and the escalation of the COVID Delta variant.
Scott highlighted the following points:
- More potential buying opportunities in the U.S. dollar index due to inflation and the COVID Delta variant.
- Wait for the U.S. FOMC meeting to take place before looking for trading opportunities.
Jin highlighted the following points:
- The eurozone CPI y/y data that will be released this Friday at 1700 (GMT+8) is unlikely going to strengthen EUR.
- Look for selling opportunities of EUR/USD below the 1.18 level.
- Stay out of EUR/GBP for now.
During the day, EUR/USD weakened slightly while EUR/GBP strengthened slightly.
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