Forex: USD ends week with a big decline
EUR/USD climbed above 1.4600 during Friday’s American session and posted the highest daily close since in a month. GBP/USD also rose and ended the week above 1.6400 after being able to hold above 1.6280.
The US Dollar reached new record lows on Friday against the Swiss Franc and finished at the lowest level around 0.8330. USD/JPY managed to hold above 80.00 but remains under pressure.
Against commodity currencies, Greenback erased gains and finished the week around the same price level it had a week ago.
Weak economic data in the US weighed on the Dollar. After an initial upside reaction following the NFP report triggered by risk aversion, Greenback reversed and turned sharply to the downside across the board.
“Most of this week’s economic reports came in on the soft side, including Friday’s employment report, which showed payrolls rising just 54,000 in May and the unemployment rate rising to 9.1 percent. The ISM manufacturing survey also weakened much more than expected. The headline index fell 6.9 points to 53.5, with new orders plunging 10.7 points. Consumer confidence fell in May as consumers expressed more concern about both current and future economic conditions”, the Wells Fargo Research Team said on its weekly report.
EUR/USD climbed above 1.4600 during Friday’s American session and posted the highest daily close since in a month. GBP/USD also rose and ended the week above 1.6400 after being able to hold above 1.6280.
The US Dollar reached new record lows on Friday against the Swiss Franc and finished at the lowest level around 0.8330. USD/JPY managed to hold above 80.00 but remains under pressure.
Against commodity currencies, Greenback erased gains and finished the week around the same price level it had a week ago.
Weak economic data in the US weighed on the Dollar. After an initial upside reaction following the NFP report triggered by risk aversion, Greenback reversed and turned sharply to the downside across the board.
“Most of this week’s economic reports came in on the soft side, including Friday’s employment report, which showed payrolls rising just 54,000 in May and the unemployment rate rising to 9.1 percent. The ISM manufacturing survey also weakened much more than expected. The headline index fell 6.9 points to 53.5, with new orders plunging 10.7 points. Consumer confidence fell in May as consumers expressed more concern about both current and future economic conditions”, the Wells Fargo Research Team said on its weekly report.
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