Despite an ugly start to the week, the Greenback eventually managed to make a U-turn and end the week with decent gains along with a modest bounce in US yields.
Across the ocean, the ECB delivered a dovish hold, while stubborn UK inflation kicked back expectations of a BoE rate cut in August. The US Dollar Index regained composure towards the end of the week and managed to close above the 104.00 mark. The Chicago Fed National Activity Index is due on July 22, followed by Existing Home Sales on July 23.
GBP/USD advanced beyond the key 1.3000 barrier earlier in the week, although the move fizzled out afterwards, leaving spot with marginal losses for the week. In the UK, advanced S&P Global Manufacturing and Services PMIs will be published on July 24. USD/JPY retreated for the third week in a row on the back of FX intervention by the MoF/BoJ to support the yen.
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