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Strong Recovery In Risk Weighs On US Dollar

FOREX
  • A strong bounce in US equity indices and oil prices prompted the dollar to lose ground on Friday. Broad dollar indices retreated around 0.4% to levels closely matching the prior week's close.
  • The clear outperformer was NZD, squeezing just shy of 1% back to 0.7250. The improved global sentiment also boosted the Aussie (+0.65%) to 0.7777.
  • Unchanged on the session and lagging the move against the greenback was the Japanese Yen as cross/JPY was a beneficiary, consistently supported throughout the day.
  • EUR, GBP and CAD all roughly 0.4% higher in a very gradual, orderly manner, with little notable price action to report throughout the session.
  • GBPUSD outlook remains bullish despite the post-CPI weight in the pair. Cable looks almost certain to post the highest weekly close since mid-February. The rate has cleared a number of resistance levels, reinforcing a positive theme with sights set on the key resistance at 1.4237, Feb 24 high.
  • Data highlights next week include, Australian Employment, Eurozone Flash PMIs as well as Inflation data from the UK and Canada. The week kicks off with multiple Fed Speakers on Monday, as they participate in an online conference hosted by the Federal Reserve Bank of Atlanta.
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