Session Recap: USD recovers, GBP the best of the week

By FXstreet.com | July 04, 2014 AAA

FXStreet (Córdoba) - The currency market remained quiet all Friday, consolidating post-NFP levels. The US dollar finished the week with a better tone but the best currencies were the Pound and the Loonie.

On Monday the US dollar fell across the board but since then rose constantly, particularly on Thursday after the release of the the employment numbers that surprised to the upside. Greenback finished the week with bullish momentum supported by economic data. The key report next week will be the FOMC minutes.

Among European currencies the Pound was the best performer and rose across the baord. The GBP/USD posted the highest weekly close since 2008, ending around 1.7150. The EUR/GBP finished below 0.8000 while the GBP/CHF above 1.5300.

The Euro weakened after Draghi’s press conference sending the EUR/USD below 1.3600 and making a reversal after testing 1.3700. The Swiss Franc was the worst of the Europeans.

The Canadian dollar soared and was the only commodity currencies that rose against the US dollar. The USD/CAD finished hovering around 1.0650, posting the fourth weekly decline in a row. The AUD/USD consolidated around 0.9350 on Friday, far from 0.9504 (July 1 high) while the NZD/USD fell modestly and found found support above 0.8715.

The Japanese currency weakened as stocks rose and Treasury yields rose. The USD/JPY had the best week since April and ended above 102.00 but price action remains limited. Volatility across the currency market continues to be the lowest in years.

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