Forex Today: Unmotivated investors buy dollars

Here is what you need to know on Friday, July 17:

It was a dull trading day, with major pair choppy within familiar levels. The greenback finished the day up against most major rivals, amid a dismal market mood. There was no particular catalyst for this last, but fading hopes about a soon-to-come economic recovery.

The ECB had a monetary policy meeting, but as it happened with other central banks, it keeps rates on hold as well as its stimulus program. The deposit facility rate was maintained at -0.50%,  and the PEPP size at  €1.35 trillion and until June 2021. There was no change to TLTRO, and policymakers repeated that they stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry.

The UK released its latest employment figures, which were better than anticipated, but were unable to underpin the pound. According to the Office for National Statistics, the official jobless rate remained unchanged from the previous 3.9% in the three months to May, while the claimant count change showed an unexpected decrease last month, as the number of people claiming jobless benefits fell by 28.1K in June, against expectations of a 250K gain.  

Tensions between the US and China have mounted, as the US government is considering a travel ban on Chinese communist party members, a move that for sure trigger retaliation from the world’s second-largest economy. In a world already hit by the economic pandemic, tensions between these two economies surely won’t help.

Coronavirus in the US: the country continues to report daily record cases.  Colorado and Arkansas issue statewide requirements for people to wear masks in public, while there’s a rumor suggesting Texas will go into lockdown this Friday.

Gold lost the 1,800 level, settling around $1,795 a troy ounce, with buyers exhausted and discouraged by central banks’ on-hold stance.  Crude oil prices continued to trade uneventfully, with WTI settling around $ 40.00 a barrel.

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