Let’s start by taking stock of how the major currencies performed over the past week. Sterling continued to fall, losing another 3% against the dollar, while the rest of the currencies were virtually unchanged with modest gains seen in the euro and commodity currencies. This of course was due to the lower open on Monday as all of the major currencies spent the better part of the week recovering from last week’s hangover. On a relative basis however, strong gains were seen in the commodity currencies, which rose more than 3 percent against the British pound. Markets rarely move in a straight line and these rebounds can be largely attributed to short covering and quarter end flows.
Boris and Kathy Forex Weekly 0472016 Majors
Let’s start by taking stock of how the major currencies performed over the past week. Sterling continued to fall, losing another 3% against the dollar, while the rest of the currencies were virtually unchanged with modest gains seen in the euro and commodity currencies. This of course was due to the lower open on Monday as all of the major currencies spent the better part of the week recovering from last week’s hangover. On a relative basis however, strong gains were seen in the commodity currencies, which rose more than 3 percent against the British pound. Markets rarely move in a straight line and these rebounds can be largely attributed to short covering and quarter end flows.
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