Dollar Soft Ahead of Holiday, Ekes Out Gains vs. Some Rivals

The US dollar paused its rally ahead of the holiday season as traders were booking profits and preparing for the new year. With that said, there were currencies that managed to fare even worse than the greenback.

While the week was quiet for the most part, its first half was market by the terrorist attacks in Turkey and Germany, which sent the dollar higher. Yet the currency lost its steam by the weekend due to profit-taking. Most analysts believe that the greenback is still going to be strong in the future thanks to supportive fundamentals.

The Japanese yen started the week on a soft footing but managed to carve out gains by the end of this week’s trading. The rally was small and followed the seven consecutive weekly losses.

Some other most-traded currencies were incapable of even a small rally. The Great Britain pound was suffering from uncertainty regarding the Brexit even though Britain’s macroeconomic indicators continued to look solid. The Canadian dollar followed crude oil in decline.

EUR/USD ticked up from 1.0439 to 1.0470, bouncing from the weekly low of 1.0352 — the lowest level in 14 years. USD/JPY edged down from 117.95 to 117.20. GBP/USD slumped 1.8% from 1.2480 to 1.2250. USD/CAD climbed 1.4% from 1.3336 to 1.3524.

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