July was another volatile month, with the EURUSD falling below parity, hitting a low of 0.9952, according to our chart. It was a month of euro weakness, given the continent’s energy issues and monetary policy challenges. Here are some of the top performing major and minor pairs…
- As we said, it was a month of weakness for the euro, given its macroeconomic challenges.
- The EURAUD tumbled 3.18% in July
- The ECB raised rates for the first time in 11 years
- With Australia reporting a lower than forecast inflation rate, could we see a turnaround in the pair?
- The euro also fell significantly against the New Zealand dollar during the month
- It hit a low of 1.6133 on the 28th of July (yesterday), but on the final trading day of the month, it made slight gains
- The Reserve Bank of New Zealand lifted the benchmark rate to 2.5% in mid-July
- Despite other euro-related pairs moving significantly, let’s take a look elsewhere to the GBPAUD
- It fell 1.68% in July, touching a low of 1.7207
- The BoE’s last hike of 25bps disappointed investors somewhat, but there is pressure for a more significant increase on August 4.
- As you may have noted, the Australian dollar gained some traction during July.
- The AUDCHF, despite a significant decline in June, has climbed in July, although still nowhere near the previous highs
- The highest point during the month was 0.6725
- Australia reported a softer than expected CPI, giving some breathing room to the RBA
- However, if macroeconomic uncertainty continues, could we see another leg lower?