The US Dollar surrendered last week’s hard-won advances, with the US Dollar Index (DXY) sliding back toward the 98.00 neighbourhood after failing to hold ground above the psychological 100.00 mark in the past few days.
The Euro (EUR) successfully recovered from its previous week’s losses against the US Dollar (USD). Indeed, EUR/USD traded with an upside bias throughout the week, briefly flirting with the key resistance in the 1.1700 region just to ease some ground as the week drew to an end.
The Pound Sterling (GBP) gradually recovered ground against the US Dollar (USD), lifting GBP/USD from three-month lows to ten-day highs near 1.3500.
After fluctuating in a relatively tight range in the first half of the week, Gold (XAU/USD) gained traction and climbed to a two-week high above $3,400 before correcting lower toward the end of the week.
GBP/USD stays in a consolidation phase near 1.3450 after rising more than 0.6% on Thursday. The pair’s near-term technical outlook suggests that there could be a downward correction before the next leg higher.
EUR/USD stays under modest bearish pressure and trades below 1.1650 in the European session on Friday, after closing virtually unchanged on Thursday. The pair’s near-term technical outlook highlights buyers’ hesitancy.