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Market news

17 August 2021

European session review: USD appreciates, as demand for safe havens persists amid heightened growth concerns

TimeCountryEventPeriodPrevious valueForecastActual
06:00United KingdomAverage earnings ex bonuses, 3 m/yJune6.6%7.4%7.4%
06:00United KingdomAverage Earnings, 3m/y June7.4%8.6%8.8%
06:00United KingdomILO Unemployment RateJune4.8%4.8%4.7%
06:00United KingdomClaimant count July-114.8 -7.8
09:00EurozoneEmployment ChangeQuarter II-0.2%0.5%0.5%
09:00EurozoneGDP (YoY)Quarter II-1.3%13.7%13.6%
09:00EurozoneGDP (QoQ)Quarter II-0.3%2%2%

USD rose against most of its major rivals in the European session on Tuesday, as demand for safe-haven currencies remained strong amid heightened growth concerns, many of which stem from the effects of the highly contagious delta variant of COVID-19 on global supply chains.

The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, went up 0.13% to 92.75.

Market participants also awaited the speech of the Federal Reserve Chairman Jerome Powell at a virtual event later today, hoping to receive clues on the timing of changes to its $120 billion in monthly bond purchases. CNBC reported on Monday that the Fed could begin tapering its bond purchases as soon as October, depending on the U.S. employment report for August. Boston Fed president Eric Rosengren also confirmed yesterday that another strong labor market report "would be supportive of announcing in September that we are ready to start the taper program.”

In addition, investors looked for the U.S. retail sales data for July, set to be released at 12:30 GMT. Economists expect the data to show retail sales fell 0.3% m/m last month after a 0.6% m/m increase in June.

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