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Calculated Risk: Schedule for Week of September 26, 2021
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USD/CAD struggles at 1 2700 as WTI trades above $74 00
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7/30/2021 3:40:39 PM GMT
The Fed smashed the greenback but the aussie could not take advantage of it.
The Reserve Bank of Australia will announce its decision on monetary policy on Tuesday.
AUD/USD maintains a bearish stance amid concerns about the Australian economy.
The broad dollar’s weakness fell short of helping AUD/USD. The pair ended the week pretty much unchanged, trading below the 0.7400 level. The Australian could not advance with the usual catalysts but retreated rapidly with those that weigh on the aussie, reflecting the absence of interest for the commodity-linked currency.
Coronavirus spooking aussie buyers
The main reason is still linked to the pandemic. Australia passed 2020 without much economic pain, as the island country quickly closed its borders. However, such a strategy could not be applied eternally, and the country opened borders with neighbour New Zealand after a year. The virus entered the country, and since early June, multiple regional lockdowns ha
7/30/2021 3:23:53 PM GMT
Improving COVID and strengthening economy encourage sterling.
Bank of England meeting next week brings rate hike speculation.
The contrast between Federal Reserve and BOE policies benefits the pound.
FXStreet Forecast Poll sees consolidation below 1.4000.
The rapidly improving coronavirus situation in the UK, a strengthening economy and rising inflation helped propel the sterling to its best close against the US dollar in a month. The GBP/USD rose 1.2% on the week, is up 2.1% since its low of 1.3628 eight sessions ago and reversed on Friday just shy of the 61.8% Fibonacci retracement of the May 31 to July 20 4.1% decline.
Expectations for a positive economic assessment out of the Bank of England (BOE) and perhaps hints at the timing and conditions for a reduction in the Asset Purchase Facility were an undercurrent for the week’s gains.
7/30/2021 12:53:39 PM GMT
Prospect of higher US interest rates fade on weak data, Fed dovishness.
USD/JPY loses 110.00 on Tuesday, stays below on Friday.
Technical considerations dominate near-term USD/JPY action, bias weakly lower.
FXStreet Forecast Poll expects a near term decline.
Prospects for higher US interest rates faded further as poor economic data reinforced the Fed’s cautious view and confirmed the retreat of Treasury yields since the June 16 meeting.
The USD/JPY lost altitude on the week, but trading easily remained within the range of the last two months. With weak US statistics and stationary monetary policy, there was no compelling reason to buy the pair and with positive Japanese input absent. There was no substantial logic for selling either.
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