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30 July 21

Dollar Up but Ends Week Near One-Month Low Over U.S Data, Fed Decision

The dollar was up on Friday morning in Asia but remained near a one-month low. The U.S. Federal Reserve maintained a dovish stance in its latest policy decision, and disappointing U.S. economic data also curbed the U.S. currency’s month-long rally.
The U.S. Dollar that tracks the greenback against a basket of other currencies edged up 0.11% to 91.970 by 12:34 AM ET (4:34 AM GMT). It fell as low as 91.855 on Thursday, a level not seen since Jun. 29, and was set to end the week off 1%, its worst weekly showing since early May 2021. The index is also down 0.5% for the month so far after its 2.8% rally the month before.
The USD/JPY pair inched up 0.03% to 109.50.
The AUD/USD pair inched down 0.08% to 0.7389 and the NZD/USD pair inched down 0.08% to 0.7003.
The USD/CNY pair inched up 0.06% to 6.4600 while the GBP/USD pair inched down 0.09% to 1.3948. The pound was near its highest in over a month, boosted by the dollar’s weaker tone and a fall in daily COVID-19 cases in the U.K.

Gold Down, but Near Two Week High, Over Fed’s Dovish Tone

Gold was down on Friday morning in Asia. However, the yellow metal remained near a two-week high and is set to end the week with its biggest weekly gains since May 21 over signs that the U.S. Federal Reserve is unlikely to begin asset tapering and hike interest rates in the short term.
Gold futures edge down 0.12% to $1,829 by 11:50 PM ET (3:50 AM GMT), after hitting its highest level since Jul. 15 on Thursday. The dollar, which usually moves inversely to gold, edged up on Friday but remained near the one-month low hit during the previous session. Investors continue to digest the Fed’s comment that the labor market still had “some ground to cover” before beginning asset tapering as it handed down its policy decision on Wednesday.
Thursday’s initial jobless claims data supported the Fed’s stance, as 400,000 claims were filed over the past week. The figure was higher than the 380,000 claims in forecasts prepared by but lower than the 424,000 claims filed during the previous week.

Oil Down, but on Path for Weekly Gains Thanks to Strong Demand

Oil was down Friday morning in Asia but was set to post solid gains as the week and month wraps up. Fuel demand is growing faster than supply, while vaccination rates dampened the impact of a resurgence in COVID-19 cases globally.
Brent oil futures fell 0.79% to $74.51 by 1:18 AM ET (5:18 AM GMT) after climbing 1.75% on Thursday. WTI futures were down 0.736 to $73.06, whittling down a 1.7% rise.
Both Brent and WTI futures were set for gains of around 2% for the week, over signs of tight crude supplies and strong fuel demand in the U.S., the world’s biggest oil consumer. Both the American Petroleum Institute and the U.S. Energy Information Administration reported a draw in U.S. crude oil supplies, with crude stocks at Cushing at their lowest since January 2020.

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