Currency Call Mid-Day Update (05 August 2021)

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Currency Call Mid-Day Update (05 August 2021)

During today’s Currency Call, Scott highlighted the following points:

- There is still job hesitancy from people in the U.S. to return to the workforce amid the rise in COVID cases caused by the Delta variant.

- Wait for a pullback of the U.S. dollar index to the 92.064 level before looking for buying opportunities.

Daniel highlighted the following points:

- If the U.S. nonfarm payroll data release tomorrow leads to the strengthening of USD/JPY, look for buying opportunities if it breaks above the 110 level.

- EUR/JPY will most likely be ranging across between the 129 level and 130.2 level.

- If the Bank of England carries out no actions later during their monetary policy announcement, look for selling opportunities of GBP/JPY if it breaks below 152.90.

- If the U.S. jobs report fails to meet expectation tomorrow, look for buying opportunities of XAU/USD (Gold) above the 1815.5 level.

During the day, USD/JPY has been ranging across while GBP/JPY and EUR/JPY strengthened.

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