Dollar in Consolidation Mode During Week After NFP

The US dollar halted its rally this week after the previous week’s huge gains caused by the very positive employment report. The greenback was flat against some currencies and down against others.
The dollar demonstrated an impressive rally during the previous week but was in a consolidation mode during this week. Several US policy makers delivered speeches over the week, but they did not provide any new information regarding timing of an interest rate hike. Now, traders wait for the next week’s policy meeting minutes from the Federal Reserve.
The Australian dollar was rising against its US counterpart thanks in no small part to the stellar jobs data. The Great Britain pound joined the rally even though the UK employment report was not that good. Meanwhile, the Canadian dollar struggled weighed down by falling oil prices while the euro felt the weight of the stimulus outlook.
AUD/USD rallied 1.1 percent from 0.7027 to 0.7126 over the past week, erasing the previous week’s losses. GBP/USD climbed 1.2 percent from 1.5045 to 1.5231. EUR/USD closed at 1.0750, little changed from the open of 1.0727. USD/CAD settled at 1.3317 after opening at 1.3301.

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