Focus this Week: RBA, BoE Meeting & US Employment Data| KOL Analysis•Fanny Arianti Arief

The dollar strengthened against the world's major currencies last Friday, thanks to short covering and profit taking after posting the biggest decline in one phase. Throughout the month of July, the dollar index fell by 4.1%, the biggest drop since September 2010, due to the soaring number of corona viruses in several US states, as well as the latest economic data showing the US economy has generated momentum. Last Friday, the dollar strengthened after data showing core PCE, showing inflation, rose 0.2% in July. Other Chicago PMI data also grew 51.9, above forecasts for 44.0. After briefly falling to 92,239, the lowest since May 2018, the dollar index managed to strengthen 0.6% and close at 93,377 levels. Low interest rates make the dollar unattractive to investors seeking yields. The dollar was increasingly pressured by political policy on Thursday. US President Donald Trump called for a US election to be postponed on 30 November.

The euro fell 0.51% last Friday, but was still wiped out weekly and monthly, amid the euphoria of the 750 billion euro pandemic aid fund. The euro has little to do with data showing GDP in the euro zone

Gold prices continue to be approved and began to discuss the psychological level of $ 2000 last week Thank you for the safe haven request. The precious metal managed to dip the biggest gain in 8.5 years, supported by the deteriorating US economy, which pushed the dollar under the influence of the Covid-19 pandemic. on Tuesday, the price of gold was received at the highest level of $ 1980.57 and was up around 11% throughout July, the biggest monthly percentage increase since January 2012.

Oil prices rose Friday after data showing the number of rigs in the US declined. According to Baker Hughes Co. data, US energy companies cut oil and gas production. The number of rigs that were reached reached 11 weeks ago. Previously, oil prices had soared after the Energy Information Administration (EIA) estimated the amount of US oil reserves at 10.6 million barrels, defying predictions of estimating 1.0 million barrels. However, an increase in the results of an increase in the number of corona viruses has led to social locking and diversion, which can stop the recovery of oil demand and the economy in general. Although Friday strengthened, weekly oil for the WTI type fell by around 1%, but it still recorded a monthly increase.

Asian stocks are still vulnerable in early trading this month because the US House of Representatives is still struggling to complete the stimulus plan, also still related to the corona virus problem in the world, which still shows no signs of abating. The Nikkei index rose 1.1%, the Kospi index fell 0.3%. While the MSCI Asia-Pacific index outside Japan fell 0.2%.

Focus this Week: RBA, BoE Meeting & US Employment Data

There are two central banks that will hold their meetings this week, namely the RBA and the BoE. The two central banks are expected to still maintain their policies. The market will still discuss the direction of policy going forward. In addition to the central bank meeting, the focus of the market will also be on the US employment data, including NFP, which is expected to grow 1,510 thousand. In addition there are US manufacturing and services ISM data.

[About The Author]

Fanny has started her self-learning of Forex since 2005 and has

joined an Indonesian broker as a financial consultant in 2009. Through

“trial and error”, she has learnt a lot from failure experiences. She is

now a renowned trainers for the forex beginners and has helped the

clients to get the profits from trade.

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