General Commentary
Last week’s currency trading review
The EUR/USD was on the sell side from the get go last week as the global QE3 rally faded and traders searched for support back under 1.3000. The longer term outlook for the EUR/USD is quite strong given the navigation of the Eurozone crisis successfully by Draghi so far. Some hurdles continue to be Spain asking for a bailout and the ongoing mess in Greece where talk is they might fail to meet budget cut targets.
USD/JPY is moving lower as risk off commodities and stock markets last week pressure the pair even as the BOJ announced its own bond buying expansion. Adding to the uncertainty is a fresh spat between China and Japan of Island ownership disputes. Yen crosses are giving back some of the substantial gains made over the last month
Currency Movement last week
EUR/USD was up -1.12% closing at 1.2983, after opening the week at 1.3128.
USD/JPY was down -0.29% closing at 78.13, after opening at 78.36.
GBP/USD was up +0.04% closing at 1.6227 after opening at 1.6220.
AUD/USD was up -0.95% closing at 1.0451 after opening at 1.0550.
