The past trading week was very hard for traders. Market participants were reluctant to make important decision ahead of the major report from the United States, waiting for it to guide the market. Yet the market’s reaction to the report was confusing.
The dollar had been relatively strong ahead of non-farm payrolls. Yet the employment data dashed hopes of dollar bulls, showing abysmal readings for employment and wage growth. At the same time, bears were also caught in a trap as the currency made a significant effort to rebound by the end of trading.
As a result, the greenback did not move far from the opening level against the majority of its most-traded peers by the weekend. The only noticeable exception was the Canadian dollar, which jumped more than 1 percent against the US currency over the week.
EUR/USD ticked up from 1.1185 to 1.1216 by the weekend, reaching the high of 1.1318 during the week. GBP/USD closed at 1.5174, almost unchanged from the open of 1.5182. USD/JPY edged from 120.48 to 119.93, but its close was still far above the weekly minimum of 118.67. USD/CAD dropped from 1.3333 to 1.3172.
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