InstaForex

July 22, 2021

This Giant Currency Continues To Weak, Main Focus At ECB Meeting!

 The weakness of the US dollar continued into the European session, however, market movements remained slow with most major currencies displaying modest gains.


The dollar index, which measures the strength of the greenback against major currencies, traded lower around 92.75.


Investors ’focus is now on the European Central Bank’s (ECB) policy meeting tonight which is expected to continue to offer a dovish stance on its monetary policy.


The euro eased slightly around 1.1780 against the US dollar, signaling investors are taking cautious steps to position themselves ahead of the next ECB meeting.



In contrast, the pound rebounded above the price level of 1.37000 against the US dollar. Even so, risks from the coronavirus and the Brexit issue are still affecting the currency’s trading.


UK Brexit chief negotiator David Frost says Britain wants to renegotiate the Northern Ireland protocol because it poses problems. Brussels, however, rejected any attempt to change the terms of the agreement.


The Canadian dollar remained stable after gaining support from the recovery in crude oil prices which rebounded above $ 70 a barrel following a sharp drop recorded earlier this week.


Following developments on a $ 1.2 trillion U.S. bipartisan infrastructure plan, talks are still at a dead end after members of the U.S. Senate blocked a move to open debate on Wednesday