Forex Today: The dollar starts the week with the wrong foot

Here is what you need to know on Tuesday, July 21:

It was a dull start to the week, with the greenback ending the day lower against most major rivals. Market players got caught between the continued increase in US coronavirus cases and news indicating progress in another vaccine. Reports indicated that the Oxford/ AstraZeneca coronavirus vaccine had produced a strong immune response in a large, early-stage human trial.  The headline, however, was unable to a sustainable advance in high-yielding assets.

The EUR rallied on hopes EU leaders will agree on a recovery fund. EU summit chairman, Charles Michel, said the fund  of €750B  could contain 390 billion euros in grants, which somehow, seems to have convinced hardliners.

 BOE’s Haldane said that the UK’s recovery is still looking V-shaped, and the economy has clawed back about half the output it lost in March and April. He also said that policymakers would consider negative rates “if there was a further negative shock to the economy.”  The GBP/USD pair settled at its recent tops in the 1.2660 price zone.

Commodities rallied with silver flirting with $20 an ounce, its highest since August 2016, while gold surged to $1,817 a troy ounce. Crude oil prices reversed an early dip and closed the day with modest gains.

 Wall Street closed in the green with the DJIA and the S&P advancing just modestly, but the Nasdaq adding 2.51%. Focus is on earnings reports, with big names unveiling results this week.

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