Forex: US Dollar Finds Support Amid Commodity Market Liquidation
The US Dollar advanced to start the trading week in a move that appeared to mirror broad-based liquidationacross commodities markets.
British Pound at Clear Risk as Positions Stretched and Gains Slowing
The British Pound was the only major currency to strengthen against the US Dollar in a holiday-shortened week of trading, but can it continue higher? The high-flying Sterling will need support from the Bank of England to hold near multi-year peaks in the week ahead.
Gold Carves Lower High in April- Bearish Below $1327
Gold is off sharply this week with the precious metal shedding 1.7% to trade at $1298 heading into the weekend.
Bullish USD/JPY Outlook at Risk as Japanese Inflation Picks Up
A further pickup in market sentiment should continue to fuel the near-term rally in the USD/JPY, but the fundamental developments coming out next week may keep the dollar-yen contained within the wedge/triangle formation as the Bank of Japan (BoJ) remains upbeat on the economy.
Economic Data Holding Back Euro as ECB Pleads for Weaker FX Rates
Despite the continued and prevalent threat of aggressive dovish policy action by the European Central Bank, the Euro remained buoyant against its major counterparts for the second straight week as volatility strikes every other major asset class around the world expect for FX.