FX Week 9 June 2013 |
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Volatility has remained high across financial markets over the past week, depressing the USD in the process but boosting traditional safety trades such as the JPY and the CHF. However, there were signs towards the end of the week that the USD’s decline might be coming to an end, or at least stabilizing.
After being hurt by a weaker than expected May ISM manufacturing reading in the middle of the week, which dampened thoughts of an early ‘tapering’ of the Fed’s Quantitative Easing, the USD recovered on Friday as optimism about the US recovery was restored with a stronger than expected non-farm payrolls reading of 175k. This enabled the USD to climb back to 97.50 versus the JPY and the EUR to fall back 1.32 from 1.3285 reached briefly earlier in the day.
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