With markets beginning to a volatile start on Covid fears, by the end of the week markets seemed to calm down to a steady recovery. The CAD performed the best rising in recovery in risk, but also on rising oil prices. The Euro had the most notable event of the week due to the monetary policy statement from the ECB.

USD:

• Fed says many sectors are still struggling with reopening
• Housing market beginning to rise in June, and building permits fall sharply
• Existing homes rose 1.4% m/m in June
• Flash US Manufacturing PMI at 63.1 vs 62.1 in June
• US treasury secretary Yellen warns congress on debt limit
• Weekly jobless claims totalled 419k for the week ended July 17, above the 350,000 estimate

EUR:

• Germany's producer prices in June 2021: +8.5% y/y
• ECB set to tweak guidance to reflect its new 2% inflation target
• ECB Villeroy says the 2% goal must be 12 – 18 months away before the hike
• ECB pledges low rates for longer, warns about delta variant
• EU rejects the UK’s attempts to overhaul the brexit deal
• Eurozone Manufacturing PMI at 62.6 vs 63.4 in June

GBP:

• New BoE rate-setter Mann warns against an early end to stimulus
• BoE’s Haskel says there's no need to curb stimulus in the foreseeable future
• EU rejects the UK’s attempts to overhaul the brexit deal
• Retail sales up 0.5% vs projected 0.2% dip on football season
• Flash manufacturing PMI down from 63.9 to 60.4,
• Flash services PMI down from 62.4 to 57.8
• Possible food and gas shortages in parts of UK in the near future

CAD:

• BoC to expand council and make Kozicki the deputy governor
• Retail sales fell by 2.1% in May amid COVID-19 lockdowns

JPY:

• Core inflation hits 15-month high on energy costs
• BoJ Amamiya is still hopeful for an economic recovery with vaccinations

AUD:

• Lockdown extended by seven days
• Retail sales dropped 1.8% vs expected 0.7% drop
• Sydney lockdown to extend past July
• Flash manufacturing PMI contracted from 58.6 to 56.8
• Flash services PMI contracted from 56.8 to 44.2

NZD:

• Credit card spending up 6.3% after an earlier 27.2% jump
• Quarantine-free travelling suspended with Australia