FX Daily Wrap Up

As we close out the week, it appears that the majors will hold onto their gains from the sinking US Dollar. The Greenback was hammered lower throughout the week – most notably in the Asian and European sessions – as a technical break turned into a momentum move. Pushing above the 1.3500 level, Euro bulls did not hesitate to push into new territory and produce a new multi-year high of 1.3555. The weakened Dollar also endured a 130-point rally at the hands of the British Pound, with that pair topping out around 1.9890. The pullback in the GBP/USD was far more violent, though the pair wasn’t able to muster a close below 1.98. As we head into the weekend, the EUR/USD is closing at 1.3529 and the GBP/USD is near the 1.9865 level. Today’s calendar held the most market-moving reports for the entire week, and the news did little to stop the Dollar’s decline. The PPI report posted a 1.0% reading, which was higher than the .7% expected. In other price action, the NZD/USD finished out at .7378 and the AUS/USD was at .8329. Have a great weekend.