Fundamental

The US Dollar (USD) remained on the back foot this week, continuing the broad downward trend that has been in place since late November.

After rising more than 3.5% in the previous week, Gold (XAU/USD) has entered a consolidation phase and fluctuated at around $4,200.

The Pound Sterling (GBP) recovery gathered steam against the US Dollar (USD), driving GBP/USD to fresh five-week highs above the 1.3350 level.

The USD/JPY pair prolongs its recent well-established downtrend for the third consecutive day and drops to a three-week low during the early part of the European session on Friday.

Following the bullish action seen in the first half of the week, EUR/USD reversed its direction and closed in negative territory on Thursday. The pair holds its ground early Friday and trades marginally higher on the day, above 1.1650.

USD/CHF trades around the key 0.80 level, with structural support below and the potential for Swiss National Bank intervention helping limit downside ahead of next week’s Fed rate decision.