Huge moves in every pair!

To close out a week of uncertainty, the majors did not disappoint with quick moves in the market. The dollar fell sharply across the board after the US government said it will levy new duties on imports of coated paper from China. A Commerce Department official said this move reversed an old policy of not applying duties to subsidized goods from non-market economies. In price action, the EUR/USD pushed to 1.3400 before falling back to close at 1.3337. Earlier in Friday’s US session, the Dollar gained only slightly after a run of US economic data came in better than expected. Core PCE rose 0.4% in February, showing core inflation risks remain high. Personal income and consumption both increased 0.6%, better than expectations. And Chicago PMI surprisingly climbed from 47.9 to 61.7, well beyond a forecasted 49.2 reading. Later in the day, however, the University of Michigan consumer sentiment number fell from 91.3 to 88.3 for March, its lowest level in six months. The GBP/USD rallied to 1.9716 before closing near the 1.9675 mark. The Yen had quite possibly the best price action today, starting out near the 117.70 level and before staging a steady rally up to 118.30 before the rapid sell-off occurred. The low was produced less than 15 minutes after the high, and then bottomed out at 117.20 before closing at 117.83. Have a great weekend!

David Hilgeman, XPRESSTRADE Analyst