{"id":33651,"date":"2021-07-05T08:05:13","date_gmt":"2021-07-05T07:05:13","guid":{"rendered":"https:\/\/www.monexeurope.com\/?p=29967"},"modified":"2021-07-05T08:05:13","modified_gmt":"2021-07-05T07:05:13","slug":"monetary-policy-in-scope-with-fomc-minutes-and-ecb-strategy-review","status":"publish","type":"post","link":"https:\/\/www.monexeurope.eu\/en\/monetary-policy-in-scope-with-fomc-minutes-and-ecb-strategy-review\/","title":{"rendered":"Monetary policy in scope with FOMC minutes and ECB strategy review"},"content":{"rendered":"

Market price action has been all about the US dollar this week. Whether it is risk-off flows because of concerns over the Delta variant and rising tensions over Taiwan or month-end flows, the DXY has closed out the week stronger than it stated. Although, it wasn\u2019t all plain sailing. Friday\u2019s Nonfarm Payroll data saw the US economy add more jobs than expected, but despite the job gains, some 9.5m workers were still left on the sidelines. The increase in the unemployment rate from 5.8% to 5.9% suggested that although the employment increase was welcome, it wouldn\u2019t have any implications for the Federal Reserve and their expected timeline for policy normalisation. Because of this, the dollar closed out the Friday session lower, driven down by falling Treasury yields, as US investors set their positions ahead of the 4th of July weekend. Next week, the meeting minutes from the Fed\u2019s June meeting will be scoured by market participants as they try to gain a clearer view on future US interest rates. On the topic of monetary policy, the ECB\u2019s Governing Council is set to also meet next week in Frankfurt to discuss the ongoing policy review. The impromptu meeting suggests that there is a desire to wrap up the 18-month review ahead of September\u2019s meeting, where policy divergence between the Fed and ECB could pose substantial headwinds to EURUSD.<\/p>\n

Monex’s Week Ahead:<\/p>\n

DOWNLOAD THE FULL REPORT<\/a><\/h4>\n

 <\/p>\n

Authors<\/strong>:<\/h6>\n
Simon Harvey, Senior FX Market Analyst<\/h6>\n
Ima Sammani, FX Market Analyst<\/h6>\n

 <\/p>\n

 <\/p>\n

Disclaimer<\/strong><\/h6>\n
This information has been prepared by Monex Europe Limited, an execution-only service provider. The material is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is, or should be considered to be, financial, investment or other advice on which reliance should be placed. No representation or warranty is given as to the accuracy or completeness of this information. No opinion given in the material constitutes a recommendation by Monex Europe Limited or the author that any particular transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, it is not subject to any prohibition on dealing ahead of the dissemination of investment research and as such is considered to be a marketing communication.<\/h6>\n","protected":false},"excerpt":{"rendered":"

This week (5th – 9th July), the meeting minutes from the Fed\u2019s June meeting will be scoured by market participants as they try to gain a clearer view on future US interest rates, and the ECB\u2019s Governing Council is set to also meet next week in Frankfurt to discuss the ongoing policy review.<\/p>\n","protected":false},"author":9,"featured_media":35785,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[41,42],"tags":[],"class_list":["post-33651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pdf","category-week-ahead"],"acf":[],"yoast_head":"\nMonetary policy in scope with FOMC minutes and ECB strategy review - Monex Europe S.A. - English<\/title>\n<meta name=\"description\" content=\"Everything you need to know in foreign exchange markets for the week ahead, from Monex Europe's team of expert FX Market Analysts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.monexeurope.eu\/en\/monetary-policy-in-scope-with-fomc-minutes-and-ecb-strategy-review\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monetary policy in scope with FOMC minutes and ECB strategy review - 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