This past week was concentrated on a singular event – NFPs which materially bested expectations. Ahead, we will tap into key global themes from Brexit with the BoE decision to China GDP and Eurozone stability.
It would seem that the Dollar had strong fundamental fuel to revive its climb this past week, but the currency made little effort to revive its post-Brexit rally.
The British Pound continues to get smashed in the post-Brexit environment, with this week seeing yet another +30-year low print as price action drove below the psychological 1.3000 level against the US Dollar.
Key developments coming out of the U.S. economy may largely influence the USD/JPY exchange rate over the week ahead as the economic docket remains fairly light for Japan.
The Australian Dollar is likely to fall in with risk sentiment trends as markets weigh up the threat of a global economic slowdown on the heels of the UK “Brexit” referendum.
The price of USD/CAD rose back toward resistance near 1.3150/3000 on Friday when Canada released June Employment figures that underwhelmed what economists were expecting after a stellar May report.
The onshore Yuan lost against the US Dollar for the fourth consecutive week and hit new lows at levels not seen since November 2010. As of 10:20 am EDT, the onshore Yuan (USD/CNY) dropped -0.48% to 6.6869.
Gold prices advanced for a sixth consecutive week with the precious metal up more than 0.9% ahead of the New York close on Friday.