What you need to know Thursday, July 8:
The dollar was under slight pressure before the close, following the publication of the Minutes of the FOMC meeting. The document showed that Fed officials believe the standard of “additional substantial progress” needed to tighten monetary policy has not yet been met. Several FOMC members mentioned that they expect the conditions to reduce the pace of asset purchases to be met sooner than expected.
A substantial majority of participants felt that the risks to their inflation projections were tilted upward, but beyond that, the paper did not offer any new information on the timing of the decline, but showed that some policy makers saw high uncertainty around the economic outlook. after the latest data.
Still, the dollar ended the day with gains, mainly against its commodity-linked rivals. High-yielding European currencies ended the day unchanged against their American rival.
Equity markets were mixed in Asia, but European and US indices ended the day with gains, with Wall Street backed by the Fed’s announcement. US Treasury yields remained under selling pressure, and with 10-year Treasury bonds that reached an intraday minimum of 1.29%.
Gold prices rose for the sixth day in a row, with the shiny metal trading around $ 1,804.00 a troy ounce when the US session ended.
Crude oil prices came under heavy selling pressure on Wednesday, with the US benchmark reaching a new two-week low of $ 71.05 a barrel, its lowest level since mid-June. The WTI rallied before the close and closed at $ 72.00 a barrel.
The Delta variant of the coronavirus continues to spread. The United States and Europe fail to contain the spread of the virus, while the United Kingdom reported more than 32,000 new cases of coronavirus, the largest increase in a day since the end of January, although there is no news to suggest that the restrictive measures will be maintained afterwards. July 19. However, the number of people who fall into critical condition or die is low, reflecting the effectiveness of immunization campaigns.
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