US Dollar Ends Week Stronger vs. Safe Currencies, Weaker vs. Commodity Ones

The US dollar ended the week rather soft, gaining on safe currencies, but falling against other peers, commodity currencies in particular.

Risk aversion abated on markets as the trade war between the United States and China was not escalating. In fact, China increased imports from the USA last month. That led to lower demand for currencies considered to be a safe haven, allowing the dollar to gain on the Japanese yen and the Swiss franc.

The minutes of Federal Reserve’s March policy meeting failed to boost the greenback despite being rather hawkish. The minutes released by the European Central Bank were not helpful to the euro either.

The Canadian dollar ended the week as the strongest currency as the conflict in Syria bolstered prices for crude oil.

EUR/USD edged up from 1.2285 to 1.2328, while its weekly high was at 1.2396. USD/JPY went from 106.94 up to 107.35. USD/CAD declined from 1.2765 to 1.2603 over the week.

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