The Euro has plunged during the trading session here on Friday as the market is trying to sort out whether or not this latest breakout is a real thing, or false. Tensions around the world could continue to play a part as well.
The Aussie dollar was negative during the Friday session, as the market is trying to price in the idea of the RBA hiking rates soon, while the Fed is expected to cut twice this year.
The New Zealand dollar was negative on Friday, as traders are starting to price in the geopolitical risks, and the potential for a RBNZ rate cut later this year.
The gold market initially rallied a bit during Friday but was absolutely crushed later in the session.
Most of what we are seeing in this market is likely to be due to the tensions with Iran.
The EUR/USD pair soared in the last week of January, hitting a multi-year high of 1.2082 before finally retreating and trimming most of its weekly gains to settle around the 1.1900 level.