The Dollar suffered its second worst week in a year and the S&P 500 tumbled after coming up short for a record high. Does something bigger await us ahead?
The Dow Jones FXCM Dollar Index (ticker = USDollar) dropped 1.1 percent this past week while the ICE Dollar Index tumbled 1.8 percent.
As yields fall further in the Euro-Zone, traders have dismissed concerns of the ECB tapering its QE program, pricing in the first rate move not until December 2019 at the earliest.
The fundamental event risks lined up for the final full-week of April may heighten the appeal of the Yen and spark a further decline in USD/JPY as the Japanese economy gets on a firmer footing.
Impressive UK employment data helped push the British Pound sharply higher versus the US Dollar and other major counterparts, and the recent reversal in fortunes leaves us in favor of continued GBP gains through the foreseeable future.
The Australian Dollar is looking to first-quarter CPI data to support fading rate cut bets but soft Chinese news-flow may cap the currency’s upside potential.
Gold prices are softer for a second consecutive week with the precious metal off nearly 0.27% to trade at $1204 ahead of the New York close on Friday.
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