This weeks was essentially a sideways market for the most part if glancing at the daily charts. But the mostly sideways movements in the majority of the pairs clearly points to a few currencies that boldly stand out.
GBP - The pair was sold off quite aggressively in the previous week, but has made one of the strongest rebounds. The theme of the previous week was that the UK would not be looking to raise rates as soon as the market previously anticipated, but sense prevails as the economy still performs better then most and will be first to raise rates after the US
AUD - A few weeks back we had a Hawkish Monetary Policy statement, and now an extremely strong jobs number. Things are looking up for the AUD, and although going long AUDUSD may not be the best trade, there are several cross rates offering opportunity
CAD- This one barely made the list, but as the decline in oil starts to accelerate, and is once again clearly resuming it's downtrend, the pressure has returned to CAD. The USDCAD made some strong attempts at upside breaks this week, and at the moment there's no reason to believe this trend will not continue
USD - The obvious one. But at the same time a notable move this week that showed strength on weak data. I wrote a full blog post about this yesterday
It will be interesting to see how these currencies fare in the new week as the expectation is for volatility to start to pick up a bit.
GBP - The pair was sold off quite aggressively in the previous week, but has made one of the strongest rebounds. The theme of the previous week was that the UK would not be looking to raise rates as soon as the market previously anticipated, but sense prevails as the economy still performs better then most and will be first to raise rates after the US
AUD - A few weeks back we had a Hawkish Monetary Policy statement, and now an extremely strong jobs number. Things are looking up for the AUD, and although going long AUDUSD may not be the best trade, there are several cross rates offering opportunity
CAD- This one barely made the list, but as the decline in oil starts to accelerate, and is once again clearly resuming it's downtrend, the pressure has returned to CAD. The USDCAD made some strong attempts at upside breaks this week, and at the moment there's no reason to believe this trend will not continue
USD - The obvious one. But at the same time a notable move this week that showed strength on weak data. I wrote a full blog post about this yesterday
It will be interesting to see how these currencies fare in the new week as the expectation is for volatility to start to pick up a bit.
