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USD Reverses Early Weakness, Posts Firm Friday Performance

FOREX
  • Early dollar weakness overnight was followed by a strong reversal as we approached the close, resulting in broad dollar indices gaining around 0.3% on Friday.
  • The Greenback had started to firm as New York sat down and was further buoyed by weakness in equities, prompting a bout of safe haven demand to close the week.
  • EURUSD was unable to make fresh highs for the week above 1.2240 before consistent supply led us back towards Wednesday lows around 1.2160. A late recovery in equities spurred a minor 20 pip bounce as the pair looks set to close around 1.2180.
  • GBPUSD had a firm rejection of the 2021 highs, falling just 3 pips shy of the important resistance at 1.4237. The rejection brought cable straight back towards 1.42 before the poorer global sentiment caused the pair to retreat a further 50 pips to close around 1.4150. Despite the rejection, this will constitute the highest weekly close since 2018.
  • AUD and NZD were the biggest losers in the G10 space as the equity markets suffered. While barometers for EMFX stayed fairly stable, the Brazilian real and Colombian Peso led the global decline with losses over 1%.
  • CHF (-0.12%) and JPY (-0.14) held narrow ranges as the historically considered haven currencies performed comparatively better on Friday against the dollar. USDCAD was also capped to just a 0.1% gain in a week where the pair made fresh 6-year lows just above the 1.20 handle.
  • European and Canadian holidays to begin next week before we see the RBNZ decision, German IFO, the second reading of US GDP and Friday's headline of US Core PCE.
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