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Markets awaiting Powell’s Speech

July 13, 2021

EUR/USD: The euro fell against the US dollar on Monday as concerns about the pandemic pushed investors to seek safety in the dollar, while they were looking for clues from central banks ahead of Tuesdays U.S. inflation print. Investors look forward to see the U.S. inflation data on Tuesday and Federal Reserve Chair Jerome Powell’s testimony on Wednesday and Thursday as they gauge expectations for the Fed to dial back on stimulus. Immediate resistance can be seen at 1.1880. The breakout to the upside can trigger growth towards 1.1950.

BUY STOP 1.1880/TP 1.1950/SL 1.1830


GBP/USD: Sterling edged higher on Monday as England is expected to confirm plans to remove nearly all remaining COVID-19 restrictions from July 19, despite a surge of cases to levels unseen for months. Johnson will announce his final decision to ease lockdown measures at a news conference on Monday. He is expected to eliminate rules on mask-wearing and social contact, and the instruction to work from home. Sterling edged higher 0.1% to $1.3886 against the dollar, after hitting a daily low at $1.3836. Immediate resistance can be seen at 1.3910. The breakout up can trigger growth towards 1.40.

BUY STOP 1.3910/TP 1.40/SL 1.3870


USD/CAD: The Canadian dollar was little changed against the dollar on Monday as weaker oil prices and fears that rising cases of the Delta coronavirus variant could derail the global economic recovery kept investors cautious. Markets are jittery at the start of an eventful week that will see the U.S. second-quarter earnings season kick off, the release of inflation data in several countries, and testimony by Federal Reserve Chair Jerome Powell who will talk about monetary policy. Immediate resistance can be seen at 1.2477. The breakout to the upside can drive the pair towards 1.2550.

BUY STOP 1.2480/TP 1.2550/SL 1.2450