**Currency Call Mid-Day Update (06 August 2021)**
During today’s Currency Call, Gim Hong highlighted the following points:
- Bank of England (BoE) held monetary policy unchanged during its meeting yesterday.
- BoE revised its economic projections positively.
- BoE committee members intend to unload stock of bonds purchase once interest rate reaches 0.5%.
- Reserve Bank of Australia (RBA) Governor Lowe said that the central bank did consider on holding back QE tapering plan but felt that it is not necessary as economic growth for 2022 will be strong.
- RBA will not be increasing interest rate until inflation is sustainably in the 2-3% range.
- RBA revised its economic projections positively.
Scott highlighted the following points:
- Wait for the U.S. nonfarm payroll jobs data to be released at 0830 (GMT 8) before looking for trade opportunities in the U.S. dollar index.
Daniel highlighted the following points:
- Avoid trading the USD/CAD later when the U.S. and Canadian jobs data are being released.
- Look for short-term buying opportunities of CAD/JPY if it breaks above 88.40.
- Look for buying opportunities of bitcoin if it breaks above 42,000.
- Look for buying opportunities of Ethereum if it breaks above 2850.
During the day, USD/CAD has been ranging across while GBP/JPY and EUR/JPY strengthened.
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Watch the full session of the Currency Call here:
Join the Daily Currency Call from Mondays to Fridays at 1100 (GMT 8).
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