What you need to know on Friday, July 16:
Softer-than-expected Chinese growth undermined market sentiment earlier in the day. The bad mood spread during US trading hours, and the dollar made the most of it.
US Federal Reserve Chairman Jerome Powell testified for the second day in a row on monetary policy before Congress. His dovish stance added to bitter sentiment, along with mostly soft US data.
EUR / USD is hovering around 1.1800 while GBP / USD is approaching 1.3800, after flirting with 1.3900 earlier in the day. Michael Saunders, a Bank of England lawmaker, said that over the next several months, they would discuss whether to reduce the current asset purchase program and / or take more policy action next year. He clarified that if “the bank rate increases in the next year, it is likely that any increase will be relatively limited.”
Commodity-linked currencies also fell, with the loonie performing the worst against the dollar amid persistent oil weakness. WTI extended its decline and ended the day around $ 71.50 a barrel.
Gold prices consolidated weekly gains, ending the day at $ 1,828.50 a troy ounce.
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