Weekly FX Update – 20 July 2017 (Video)

In this week’s webinar Senior Market Analyst Craig Erlam discusses the week’s main events including Thursday’s ECB decision and press conference and gives his analysis on EURUSD (7:38), GBPUSD (15:10), EURGBP (18:03), AUDUSD (19:35), USDCAD (22:42), NZDUSD (26:57), USDJPY (28:18), GBPJPY (29:32) and EURJPY (31:54).

Gold Climbs to 3-Week High as ECB, BoJ Maintain Loose Policy

The summer months can often be rather slow in financial markets but if the early weeks are anything to go by, this is not going to be the case this year. Once again it’s been a lively week with central banks largely being at the centre of it all, most notably the ECB which, despite leaving interest rates and bond buying unchanged, triggered a rally in the euro which saw it hit an 11-month high against the US dollar.

Bank of England Governor Mark Carney’s appearance may have had the potential to be the biggest sterling event this week but instead that came from the data with inflation and retail sales numbers both weighing on the currency. Price pressures eased last month but inflation remains well above the BoE’s target, the question is whether they’ve eased enough to stop policy makers pulling the trigger in the coming months.

It’s been a big week for the Australian dollar, which has been spurred on by both employment data at home and growth numbers abroad. With key levels now broken though, can AUD build on its gains? The greenback will play its part after coming under pressure once again on Thursday but is this becoming an overcrowded trade or is there further to go?

Markets Not Buying What Draghi Has to Sell

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam