Market continues to lick its wounds

19/07/2021

Gold, major currencies and Dogecoin are still licking their wounds inflicted in the last week(s). While some currencies have recorded mild gains, others like USD/CAD has shown promising signs of improvement by remaining firm amidst corona woes.

After the massive $17 drop on Friday from a height of $1834, Gold price is now showing signs of uptick. Earlier, Gold had suffered the downfall mainly due to an unexpected rise in US Retail Sales report. The current recovery signs are in light of increasing concerns over the highly contagious Delta variant of the Corona virus. However, it remains to be seen whether it can extend these gains any further in the coming weeks, especially in light of falling S&P 500 futures which had marked a loss of 0.50% as a result of the downbeat market sentiments.

On the other hand, USD/CAD pair rose to 1.2630, an improvement of 0.21% on intraday trading, which is the highest the pair has recorded in the last three months. Weakness in Canada’s crude export, US-China tussles exerting more pressure on the risk appetite, mixed outcomes from US Retail Sales and Consumer Sentiments, etc. are seen as the major contributing factors for this improvement.
 
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