US Dollar Ends Week Vulnerable amid Political Concerns

The US dollar ended the week with significant losses versus the euro amid concerns about the turbulent political climate of the United States.

The Jackson Hole Symposium in Wyoming was in the traders’ focus this week. Yet US President Donald Trump grabbed the markets’ attention by his threats of a government shutdown, which affected the dollar negatively. The meeting itself was not positive for the US currency either as Federal Reserve Chairwoman Janet Yellen criticized the fiscal reforms promised by Trump.

Next week should also be very eventful with plenty of macroeconomic reports. Employment data should be the most influential, though the manufacturing report and the consumer confidence are also considered to be important.

EUR/USD jumped 1.4% from 1.1755 to 1.1921 over the week. GBP/USD closed at 1.2877, close to the week’s open of 1.2861. USD/JPY ended the week flat at 109.33.

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