Dollar Tumbles not Over Yet – Watch Data and Positions in Week Ahead
The US Dollar fell against all major FX counterparts and the DJ FXCM Dollar Index (ticker: USDOLLAR) matched its worst weekly losing streak in over five years despite a relative lack of major news.
Weak US economic data is feeding into the Euro short covering rally, which has plenty of fuel to burn.
The near-term advance in GBP/USD may gather pace in the week ahead should the fundamental developments coming out of the U.K.
The Australian Dollar aims to continue recovery but Chinese and US event risk may conspire to undermine momentum and derail the advance.
Gold prices surged this week with the precious metal rally nearly 3% to trade at $1223 ahead of the New York close on Friday.
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