Forex Weekly Trading Forecast - 01.07.2013
The US Dollar (ticker: USDOLLAR) traded to fresh five-month highs, as more hawkish-than-expected US FOMC rhetoric and a temporary deal on the so-called Fiscal Cliff sent the Greenback higher versus the Yen and other counterparts.
The Euro was one of the worst performing currencies this past week, losing ground to all the majors but for the Japanese Yen, an unremarkable feat by any stretch of the imagination.
Experienced traders know that the probabilities in picking a major top or bottom in markets are exceptionally low - and therefore, the pursuit of timing exact turns is foolhardy. That said, extremes cannot last.
Gold prices were slightly softer at the close of trade this week with the precious metal off by just 0.27% to trade at $1650 at the close of trade in New York on Friday.
A short lull in headline-driving event risk will give financial markets an opportunity for some reflection in the week ahead.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.