Sterling still the top performer this week, despite today’s drop

FX performance this week

The US dollar is holding near the highs of the day with US equities now back to flat. The market did not like the strong Markit report because it could bring tapering closer. I don’t share that belief because the Fed wants to look through the reopening boom and because a book is good news for corporate profits and everything else.

In any case, the dollar rally today takes the shine off what had previously been a decent week.

Here is weekly FX performance versus the dollar:

  • GBP +0.38%
  • JPY +0.33%
  • CHF +0.29%
  • EUR +0.22%
  • CAD +0.13%
  • AUD -0.6%
  • NZD -1.24%

That makes GBP/NZD the best performer this week. It’s not a chart I look at often but it’s running into the March highs. At first blush, the whole chart looks like a big head-and-shoulders pattern but there’s is also a bit of an inverted head-and-shoulders more recently.

Invest in yourself. See our forex education hub.

News

Articles You May Like

Forexlive Americas FX news wrap 12 Jul: PPI not as friendly as the CPI
Pound Gains on Hawkish BoE Remarks; Euro Regains Lost Ground
Wholesale prices rose 0.2% in June, slightly hotter than expected
We are upgrading our rating on Wells Fargo as investors dump stock post-earnings
Silver likely to touch Rs 1,25,000 over next few months: Motilal Oswal

Leave a Reply

Your email address will not be published. Required fields are marked *