USD Continues to Be Released, Safe-Haven Soars! - - Financial Market Media No. 1 in the World USD Continues to Be Released, Safe-Haven Soars! USD Continues to Be Released, Safe-Haven Soars!

July 15, 2021

USD Continues to Be Released, Safe-Haven Soars!

 The greenback continued to trade gloomily during the European session, after being frustrated by the dovish statements of Federal Reserve (Fed) Chairman Jerome Powell that he will continue to give strong support to economic recovery.

At the time of writing, the dollar index that measures the strength of the greenback dollar against major competitors is trading at 92.35.

Powell’s testimony before the Senate Banking Committee tonight, will once again be the focus of investors to seek further clarity on his views on U.S. monetary policy.

Meanwhile, concerns over a surge in coronavirus cases around the world have given support to safe-haven currencies to rise higher and slowed trading of some major currencies.

In the wake of an ever -increasing number of cases, Australia had to extend the closure measure in Sydney for another two weeks, and most recently Victoria also implemented a lockdown to curb the spread of the epidemic.

This led to the appreciation of the Aussie dollar following a positive employment data reading in the Asian session, again limited, in addition to being affected by China's slower -than -expected economic growth data.

Meanwhile, safe-haven trading of the swiss franc and yen continued to record gains following a decline in 10-year US treasury yields which slipped lower to 1.31%.

The euro traded steady around 1.1830 against the US dollar, after profiting from Powell's previous dovish statement.