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FX, weekly outlook
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Loading...The dollar climbed to three-week highs against the euro, with EUR/USD down 0.78% at 1.0931 in late trade. The pair ended the week down 1.71%. The dollar rose to one-week highs against the yen, with USD/JPY advancing 0.9% to 114.00. The dollar is still down more than 5% against the yen so far this year, with demand for the safety of the Japanese currency boosted by fears over the global growth outlook and steep falls in stocks and oil. The dollar also moved higher against the Swiss franc, with USD/CHF gaining 0.66% to 0.9966. Sterling fell to fresh seven-year lows, with GBP/USD down 0.61% to 1.3877, the weakest level since March 2009.
The pound remained under heavy selling pressure amid uncertainty over the U.K.’s future in the European Union. A referendum is due to be held on June 23 for Britain to decide whether to stay in the bloc.
In the week ahead, investors will be looking to Friday’s U.S. nonfarm patrols report for fresh indications on the strength of the labor market.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.71% to a three-week high of 98.13. The index ended the week with gains of 1.63%, its best weekly performance since November.
In the week ahead, traders will be looking to Friday’s U.S. nonfarm patrols report for fresh indications on the strength of the labor market. Investors will also be focusing on surveys of manufacturing and service sector activity in both the U.S. and China, while euro zone inflation data and RBA's interest rate decision will also be closely watched.
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