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- G10 FX held extremely narrow ranges on Friday as markets continued to recover from Monday's bout of risk-off sentiment that prompted a volatile burst for currency markets to start the week.
- The Japanese Yen posted the biggest retreat in the final session of the week, with USDJPY (+0.35) edging higher above 110.50. Spot trades just shy of the July 14 highs at 110.70 which is considered firm resistance following the recent bearish technical developments for the pair.
- The New Zealand Dollar was a relative outperformer, marginally firming +0.14%, whereas small losses were exhibited in GBP, AUD and CAD resulting in the dollar index a touch higher on the day.
- The biggest move came in the South African Rand (-1.03%) following an extension of yesterday's weakness after the central bank meeting. The statement included a reduction of 2021 growth and 2022 average CPI forecasts, weighing on ZAR.
- The Dollar index rise marks the seventh weekly gain over the past 9 weeks, likely to post the second highest close for 2021. The year's highs reside at 93.44 and become the next logical reference point for the index.
- EURUSD closes less than 20 pips above the week's lows of 1.1752. Despite underwhelming markets, the first ECB meeting since the strategy review marked a slight dovish shift. Markets will place focus on the 1.1704 April lows which may potentially trigger a deeper pullback for the pair.
- A fairly quiet start to kick off next week with Monday featuring German IFO data and a speech from Bank of England's Vlieghe on demographics, debt, and distribution of income.