The dollar ended the week with a firmer tone, supported in part by an upbeat employment report but also by President Trump’s decisions. On Friday, the US administration imposed sanctions on Hong Kong’s chief leader Carrie Lam and ten other high-ranking officials for their role in political instability in the region, as well as awaiting administrative fiscal stimulus orders that finally arrived on Saturday.
Trump has signed four orders that increase unemployment benefits by $400, suspend payroll taxes until December, halt evictions from federally funded rental housing, and extend the zero interest rate on budget student loans.
Meanwhile, the US Congress is still unable to agree on financial assistance. This news could lift the dollar early in the week.
The US employment report released Friday was better than expected but indicated that the road ahead for a US recovery is still long and bumpy.
Major pairs declined from new multi-month highs, with most of the currency pairs ending the week showing little change. Somehow, this could be an early sign of dollar bears depletion. In any case, the dollar does not have much background for a sustained move after corrective gains.
The bright metals continued to strengthen to record highs. Gold has pulled back from an all-time high of 2,075.19 to the current price zone of 2,034. The move appears to be corrective and the bears have little to do unless they breakthrough 2,000, in which case profit-taking will exacerbate the decline.
On the first day of the week, China is to publish inflation data for July. Until the end of the week, the macroeconomic calendar will be mostly light.
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