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- European session review: USD gains amid heightened concerns over growing COVID cases
European session review: USD gains amid heightened concerns over growing COVID cases
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 09:00 | Eurozone | Trade balance unadjusted | May | 10.9 | 7.5 | |
| 09:00 | Eurozone | Harmonized CPI ex EFAT, Y/Y | June | 1% | 0.9% | 0.9% |
| 09:00 | Eurozone | Harmonized CPI, Y/Y | June | 2% | 1.9% | 1.9% |
| 09:00 | Eurozone | Harmonized CPI | June | 0.3% | 0.3% | 0.3% |
USD advanced against most of its major rivals in the European session on Friday as concerns about a slower global recovery, being undermined by the highly infectious Delta coronavirus variant and the reintroduction of restrictions, boosted demand for safe-haven U.S. currency.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged up 0.07% to 92.69.
COVID infections are surging around the world, with the Delta variant accounting for the majority of new cases in many major economies. This caused investors to worry that the containment measures could be reinstated, triggering a stall of the economic recovery.
USD appreciation came despite the Federal Reserve Chairman Powell’s latest reassurances that the U.S. central bank would not react to the recent spike in inflation and would continue to provide hefty support to the U.S. economy.
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