Weekly Trading Forecast: Dollar Tops Performer List Once Again, Will BoJ Act after G7?
The Dollar has advanced for 3 straight weeks as the freeze from rate skeptics finally thawed. Can the BoJ also regain influence or does it need to take it by force?
The Dollar is finding some serious reprieve from a painful three months of selling pressure.
While there are no “high” rated events on the DailyFX Economic Calendar for the coming week for the Euro, there are almost twenty “medium” ranked events that bear enough significance to drive price action across the EUR-crosses.
The British Pound put in a strong week of gains through Thursday, snapping the two-week losing streak that the Sterling put in against the US Dollar after running up to a new nine-month high earlier in May.
Both the onshore Yuan (CNY) and offshore Yuan (CNH) traded lower against the US Dollar this week due to the increased expectations of a Fed rate hike in June after FOMC April minutes were released on Wednesday.
The Australian Dollar is likely to fall in with broad-based risk sentiment trends as markets size up the Fed policy outlook and Brexit probabilities in the week ahead.
The near-term advance in USD/CAD may gather pace in the week ahead should the Bank of Canada (BoC) endorse a dovish outlook for monetary policy, while Federal Reserve officials show a greater willingness to implement higher borrowing-costs over the coming months.
The US Dollar surprised a lot of G10 currencies last week, but the New Zealand Dollar held firm.
Gold prices are down for a third consecutive week with the precious metal off 1.69% to trade at 1251 ahead of the New York close on Friday.
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