Session Recap: EUR and CHF wake up

By FXstreet.com | August 08, 2014 AAA

FXStreet (Córdoba) - The Euro and the Swiss Franc soared on Friday while the US dollar finished mixed. Despite pulling back during the last trading hours, the Yen was the best performer over the week.

The EUR/USD was able to rebound on Friday and trimmed weekly losses and managed to close above 1.3400 while the USD/CHF moved away from 0.9100 and fell to 0.9030 to finish hovering around 0.9050.

The Pound was the worst again among European currencies sending the GBP/USD below 1.6800, to the lowest price in almost two months. Cable plummeted on Friday versus the Euro and the Swiss Franc, ending the day at weekly lows.

The Yen rose during the Asian session in the market, as US Treasury yield declined but then trimmed gains. The USD/JPY ended flat on Friday, but lower for the week. The Japanese currency was able to hold to gains and rose the most among the most traded currencies during the last five days amid risk aversion and falling yields.

The Canadian dollar tumbled, weakened by the Canadian employment report. The USD/CAD posted the highest daily close in three months but still faces resistance below 1.1000. The AUD/USD and the NZD/USD ended practically flat trading around 0.9270 and 0.8460 respectively.

Greenback ended the week with mix results and far from the highs, except versus the Pound. “The breakout to the downside in US yields has prompted a sharp short-covering rally as traders question the the thesis for the USD long trade”, said Jamie Coleman from FXBeat.

Main headlines in the American session

">Wall Street turns positive on the week as Ukraine jitters cede

">GBP/USD testing critical levels

">AUD/USD steady around 0.9275

">EUR/USD comes with a bearish outlook

">EUR/GBP eyes 0.8000

EUR/USD breaks above 1.3400

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