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Markets are worried about COVID-19 again

July 16, 2021

EUR/USD: The euro weakened against the US dollar on Thursday. The number of Americans filing new claims for unemployment benefits fell to a 16-month low last week as the labor market gains traction, but worker shortages is frustrating efforts by businesses to ramp up production to meet strong demand for goods and services. Initial claims for state unemployment benefits fell by 26 000 to a seasonally adjusted 360 000 for the week ended July 10, the lowest level since the middle of March in 2020. Immediate support is seen at 1.18. The breakout to the downside could take the pair towards 1.17.

SELL STOP 1.18/TP 1.17/SL 1.1830


USD/CAD: The «loonie» fell to a nearly three-month low versus the US dollar on Thursday, as was «loonie» hit by dismal economic data and weak oil prices. The report from payroll services provided by ADP showed on Thursday that Canada lost 300 000 jobs in June, mainly on a plunge in service-sector jobs in industries hit hard by COVID-19 restrictions. The Canadian dollar was also hurt by the weakness in oil prices, one of Canada’s major exports. The Canadian dollar was trading 0.8% lower at 1.26 to the greenback. Immediate resistance can be seen at 1.26. The breakout to the upside can trigger growth towards 1.27.

BUY STOP 1.26/TP 1.27/SL 1.2570


GBP/USD: Sterling retreated further against the dollar on Thursday, despite another set of stronger economic data and focus on the impending end of activity curbs even as COVID-19 infection rates climbed. Britain is set to drop all COVID-linked activity curbs from next Monday, including mandatory mask wearing. While two-thirds of British adults are fully vaccinated, scientists warn of another wave of infections. Sterling eased 0.3% against the dollar at 1.3828, retreating further from two-week highs registered at the beginning of the week. Immediate resistance can be seen at 1.3870. The breakout up can trigger growth towards 1.3950.

BUY STOP 1.3870/TP 1.3950/SL 1.3850