Euro and Gold Drop To Major Lows, Dollar and Pound Continue to Climb
Fundamental themes are clearing, but that doesn’t seem to alter the prevailing winds that are charging the Dollar higher and the Euro lower.
The US Dollar advanced for the fourth straight week – a feat we haven’t seen accomplished since January when the currency was still in the midst of its strongest move in decades.
Headlines surround the Greek saga may continue impact the Euro in the week ahead, but the dovish forward-guidance laid out by the European Central Bank (ECB) may fuel a further decline in EUR/USD as President Mario Draghi pledges to ‘fully implement’ the quantitative easing (QE) program.
The British Pound surged and finished as top-performing G10 currency through Friday’s close, but a late-week US Dollar rebound suggests that the next GBP/USD move could actually be lower despite broader Sterling gains.
Gold prices are sharply lower for a fourth consecutive week with the precious metal off by more than 2.6% to trade at $1331 ahead of the New York close on Friday
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