After three consecutive weeks of advance, the Dow Jones FXCM Dollar Index (ticker = USDollar) finally closed on a bearish footing through this past Friday.
After a rough start to the week that had the Euro eying exchanges rates below 1.3000 versus the US Dollar, the common currency turned around rapidly after a decidedly more positive European Central Bank policy meeting on Thursday.
The Japanese Yen continued to lose ground against its major counterparts as Prime Minister Shinzo Abe pushes the Bank of Japan (BoJ) to adopt a 2% target for inflation, and the low-yielding currency may face additional headwinds over the near to medium-term as the central bank continues to carry out its easing cycle.
The Australian Dollar is at risk of a correction lower on profit-taking as jobs growth slows while Chinese GDP data yields a status-quo result.
Gold was firmer at the close of trade this week with the precious metal advancing 0.23% to trade at $1659 at the New York close on Friday.