Weekly Trading Forecast: Dollar Attempts a Recovery as Euro, Pound and Yen Stumble
Risk trends have improved and so too has the Dollar's position. Amid NFPs, the G20 rehash of risks, Brexit and other high-profile themes; expect volatility moving forward.
This past week’s USDollar rally marked the currency’s best performance since November’s dramatic break to 12-year highs – a move that proved a quick exhaustion.
What a difference a week can make: Near market close last Friday, news had just begun to circulate that Mr. David Cameron had struck a deal with European leadership that could allow for British leadership to lobby for an ‘in’ vote in the upcoming Brexit referendum.
The Japanese Yen rallied for the fourth-consecutive week versus theEuroandBritish Pound, but a week of strong US economic data and disappointments out of Japan helped theUSD/JPYexchange rate break its recent losing streak.
The Australian Dollar may succumb to heavy selling pressure as prices face a perfect storm of high-profile domestic and external event risk.
Both onshore Yuan (CNY) and offshore Yuan (CNH) rates moved little this week; both closed slightly lower against the US Dollar on Friday.
Gold prices slid for a second consecutive week with the precious metal off just 0.2% to trade at 1224 ahead of the New York close on Friday.
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