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USD Trims Gains Following Stellar Weekly Performance, Cross/JPY Falters

FOREX
  • The greenback edged lower on Friday, falling against most major currencies as the recent healthy upward momentum stalled approaching the weekend close. The USD Index is 0.7% lower on the day, however, gains for the week remain close to 1.7% and it is important to note the DXY remains over 3% above last week’s low, highlighting the rapidity of the recent broad appreciation.
  • Factors contributing to Friday’s USD weakness may have been potential month-end related flows as well as profit-taking dynamics ahead of the weekend.
  • Notable strength was seen in both GBP and JPY, both rising over 1% against the greenback as the very sharp weekly declines were partially retraced. In similar vein, EURUSD traded with a much more supportive tone, unable to match yesterday’s lows of 1.0472 and now trading roughly 100 pips higher, approaching the close.
  • AUD, NZD and CAD were the anomalies on the day, both residing in marginal negative territory on Friday against the dollar. Even more notable declines against the Japanese Yen is perhaps explained by the renewed weakness in US equity indices that have reversed the entirety of Thursday’s advance, as of writing.
  • Final PMI readings on Monday feature on a light economic data calendar. US ISM Manufacturing PMI headlines the US docket. China and the UK are both out for local holidays.
  • Heavy central bank week ahead with obvious focus on Wednesday’s Fed meeting. The RBA also meets on Tuesday ahead of the Bank of England on Thursday.
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