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Market Recap 18-08

On Tuesday, the US reported disappointing Retail Sales figures for July, adding to the gloomy mood and keeping the safe-haven dollar bid. Headlines sales dropped by 1.1% in July. 

The Reserve Bank of New Zealand surprised markets by leaving its interest rates unchanged at 0.25% instead of raising them. While the RBNZ is set to hike borrowing costs later this year, its response to New Zealand's fresh lockdown has broader implications for markets. 

EUR/USD is trading close to 1.17, the August low, as the dollar gains ground. Final eurozone inflation figures are due out later in the day. Europe has seen its covid caseload gradually decrease. 

GBP/USD is trading below 1.3750, at the lowest in three weeks amid dollar strength and after the UK Consumer Price Index missed expectations with 2% YoY in July compared with 2.3% projected. 

USD/CAD is hovering above 1.26 as oil prices struggle to recover and ahead of both crude inventory data and Canada's inflation statistics. 

Gold has been trading around $1,791, stable amid limited moves in US Treasury yields. 

Bitcoin is hovering above $45,000 consolidating gains seen earlier this month. Ethereum has retreated from the highs but holds above the $3,000 level. 

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