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Greenback Recoups Losses Approaching The Close

FOREX
  • In similar price action over the past three days, dollar indices spent the US trading hours unwinding the moves from earlier in the session.
  • Dollar weakness across the board was the main feature of early trade on Friday, before the greenback staged a solid recovery approaching the close to end the day in very marginal positive territory, however, still roughly 0.5% lower on the week.
  • Kiwi and Aussie had been the best performing G10 currencies, with risk sentiment boosted by tentative US bipartisan infrastructure agreement. However, tracking the USD, both currency pairs gave up all of their gains.
  • GBPUSD continued to underperform following yesterday's BOE statement, losing 0.25% with the Canadian dollar marginally outperforming, rising 0.21%. Notable extension of weakness in the Turkish Lira with USDTRY rising another 0.85% on Friday to close higher on the week.
  • Cable remains vulnerable after trading through the 100-DMA, reinforcing current bearish conditions. Scope is seen for an extension lower towards 1.3717, Apr 14 low, the bear trigger remains at 1.3787.
  • Very little data due on Monday as markets will eagerly await the US Employment Figures later in the week.
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