FX Week 12 May 2013

FX Week

USD/JPY inspires broad USD gains

After spending much of the last month within ranges, the USD rallied strongly on Friday, rebounding from its lows of earlier in the week. In the process it made significant progress towards meeting our medium term forecasts, reaching and in some cases exceeding some of our 1-month targets. USD/JPY’s break of 100 was the catalyst for its gains, reaching a new cycle high of 101.98, but the moves were also broad based, with EUR/USD closing below 1.30, the AUD dropping below parity, and USD/CHF also breaching our 1-month forecast. USD gains were also recorded in other currency pairs including against GBP, CAD and the NZD.
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